October 2014 Resale Home Sales

Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,552 sales through the TorontoMLS system in October 2014. This result represented an increase of 7.7 per cent compared to October 2013. New listings were also up on a year-over-year basis, but by a lesser 3.4 per cent.

“Strong growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Mr. Etherington.

The average selling price for October 2014 transactions was $587,505 – up 8.9 per cent compared to the average of $539,286 reported for October 2013. The MLS® HPI composite benchmark price was up by 8.3 per cent over the same period. Low-rise home types, including singles, semis and town houses, continued to be the driver of year-over-year growth in the average price and the MLS® HPI composite benchmark.

“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, particularly where low-rise home types are concerned. The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” said Jason Mercer, TREB’s Director of Market Analysis.

Source: TREB


October 2014 2013

Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 3,420 $633,078 5,699 3167 $594,066 5,326
Rest of GTA ("905") 5,132 $557,135 7,777 4,774 $502,947 7,712
GTA 8,552 $587,505 13,476 7,941 $539,286 13,038


Detached 2014 Sales VYA Average Price VYA
Sales City of Toronto ("416") 1199 7.8% $951,746 8.7%
Rest of GTA ("905") 2964 10.8% $672,929 10.6%
GTA 4163 9.9% $753,232 9.6%

Semi-Detached 2014

Sales

VYA

Average Price

VYA
Sales City of Toronto ("416") 375 14.7% $678,937 5.4%
Rest of GTA ("905") 524 3.1% $450,375 8.3%
GTA 899 7.7% $545,715 8.0%  
 
Townhouse 2014 Sales VYA Average Price VYA  
Sales City of Toronto ("416") 361 2.8% $520,705 9.8%  
Rest of GTA ("905") 951 4.7% $414,797 9.4%  
GTA 1,312 4.2% $443,938 9.5%  
 
Condo Apartment 2014 Sales VYA Average Price VYA  
Sales City of Toronto ("416") 1455 8.2% $390,430 1.5%  
Rest of GTA ("905") 578 3.6% $308,919 4.6%  
GTA 2033 6.8% $367,256 2.5%  
 
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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