September 2014 Resale Home Sale

Toronto Real Estate Board President Paul Etherington announced that there were 8,051 transactions reported through the TorontoMLS system in September 2014. This result represented a 10.9 per cent increase compared to September 2013. On a year-to-date basis through the first three quarters of the year, sales were up by 6.9 per cent annually to 73,465.

"Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid," said Mr. Etherington.

The average selling price for September 2014 transactions was $573,676 – up by 7.7 per cent compared to the same period in 2013. Average year-over-year price growth was strongest in the City of Toronto, both for low-rise home types like detached and semi-detached houses and for condominium apartments. The average selling price year-to-date was $563,813 – up 8.5 per cent compared to the first nine months of 2013.

"If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.

    2014     2013  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 3,063 $624,851 6,609 2746 $569,183 5,945
Rest of GTA ("905") 4,988 $542,250 9,083 4,511 $510,097 8,883
GTA 8,051 $573,676 15,692 7,257 $532,455 14,828
             
             
Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1052 10.6%   $951,792 11.5%  
Rest of GTA ("905") 2824 6.5%   $656,003 8.0%  
GTA 3876 7.6%   $736,284 9.5%  
             
Semi-Detached 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 313 6.1%   $689,414 12.2%  
Rest of GTA ("905") 514 15.0%   $447,485 10.1%  
GTA 827 11.5%   $539,050 10.2%  
             
Townhouse 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 296 3.5%   $476,408 4.2%  
Rest of GTA ("905") 931 8.4%   $409,327 5.4%  
GTA 1,227 7.2%   $425,509 4.9%  
             
Condo Apartment 2014 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1376 15.6%   $395,505 9.2%  
Rest of GTA ("905") 600 32.2%   $300,273 3.5%  
GTA 1976 20.2%   $366,588 7.1%  
             
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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