October 2013 Resale Home Sales

Greater Toronto Area REALTORS® reported 8,000 home sales through the TorontoMLS system in October 2013 up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.

“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained,” said Toronto Real Estate Board President Dianne Usher.

“The supply of listings for many home types and price points has either been down year-over-year or at least not up by the same annual rate as sales. The additional Land Transfer Tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list,” continued Ms. Usher.

The average selling price for TorontoMLS sales in October 2013 was $539,058up by more than seven per cent in comparison to the average price of $502,127 in October 2012. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.5 per cent year-over-year.

“Growth in the average selling price and the MLS® HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

 

    2013     2012  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 3,190 $593,807 5,349 2673 $538,120 5,837
Rest of GTA ("905") 4,810 $502,748 7,761 4,040 $478,313 7,848
GTA 8,000 $539,058 13,110 6,713 $502,127 13,685
             
             
Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1125 23.6%   $873,509 12.4%  
Rest of GTA ("905") 2695 15.4%   $607,849 6.3%  
GTA 3820 17.7%   $686,087 9.0%  
             
Semi-Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 331 -2.4%   $642,112 11.7%  
Rest of GTA ("905") 514 15.5%   $417,124 6.7%  
GTA 845 7.8%   $505,255 7.4%  
             
Townhouse 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 355 26.3%   $473,240 4.0%  
Rest of GTA ("905") 915 20.7%   $378,688 6.0%  
GTA 1270 22.2%   $405,118 5.5%  
             
Condo Apartment 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1347 20.4%   $384,441 7.2%  
Rest of GTA ("905") 560 35.6%   $295,166 4.3%  
GTA 1907 24.5%   $358,225 5.9%  
             
Source: Market Watch Monthly News Release      

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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