October 2014 Resale Home Sales

October 2014 Resale Home Sales

According to Paul Etherington, Toronto Real Estate Board President the 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

 

     
HenryL Lam

HenryL Lam

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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