GREATER TORONTO REALTORS® REPORT LATEST MID-MONTH RESALE MARKET FIGURES

 

TORONTO, March 19, 2014 – Toronto Real Estate Board President Dianne Usher announced that Greater Toronto Area REALTORS® reported 3,459 transactions through the TorontoMLS system during the first two weeks of March 2014. This result for the TREB market area as a whole was virtually unchanged in comparison to 3,464 transactions completed during the same period in 2013.

"Despite the poor weather conditions experienced during the first half of March, an abundance of willing buyers were actively searching for a home to purchase. However, many of these people continued to be affected by the enduring shortage of single-detached, semi-detached and townhouse listings, which means that in some cases they could not find a home on which to make an offer, or they were facing stiff competition from other buyers," said Ms. Usher.

 

For all home types combined in the GTA, the average selling price was $560,948 - up by almost six per cent in comparison to the average price for the same time frame in 2013. The semi-detached market segment in the City of Toronto led the way in terms of price growth during the first 14 days of March, with a year-over-year increase of more than ten per cent.

 

"Semi-detached houses represent a more affordable ownership option for some households. Because of this, some semi-detached listings have attracted many interested buyers. This competition has served to exert strong upward pressure on the average selling price," said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

"The average single-detached price was down slightly in the City of Toronto year over year because of a smaller share of luxury deals this year compared to last. Tight market conditions will continue to drive strong detached price growth in 2014," added Mercer.

Summary of TorontoMLS Sales and Average Price March 1 - 14

2014

 

2013

 

Sales

 

Average Price

 

New Listings

 

Sales

 

Average Price

 

New Listings

 

City of Toronto ("416")

 

1,293

 

$609,199

 

2,321

 

1,352

 

$583,968

 

2,614

 

Rest of GTA ("905")

 

2,166

 

$532,143

 

4,030

 

2,112

 

$496,532

 

4,408

 

GTA

 

3,459

 

$560,948

 

6,351

 

3,464

 

$530,658

 

7,022

 

TorontoMLS Sales & Average Price By Home Type

 

March 1 - 14, 2014

Sales

 

Average Price

 

416

 

905

 

Total

 

416

 

905

 

Total

 

Detached

 

445

 

1,243

 

1,688

 

902,425

 

638,555

 

708,118

 

Yr./Yr. % Change

 

-2.2%

 

3.6%

 

2.0%

 

-0.5%

 

6.0%

 

3.2%

 

Semi-Detached

 

125

 

227

 

352

 

691,279

 

436,093

 

526,713

 

Yr./Yr. % Change

 

-8.8%

 

-4.2%

 

-5.9%

 

10.6%

 

9.5%

 

9.4%

 

Townhouse

 

129

 

425

 

554

 

479,934

 

406,839

 

423,859

 

Yr./Yr. % Change

 

-7.9%

 

11.8%

 

6.5%

 

7.8%

 

8.3%

 

7.5%

 

Condo Apartment

 

583

 

227

 

810

 

399,207

 

288,682

 

368,233

 

Yr./Yr. % Change

 

-4.3%

 

-7.3%

 

-5.2%

 

8.3%

 

4.9%

 

7.7%

 

 

 

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.

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Husnain Qaiser

Husnain Qaiser

Sales Representative
CENTURY 21 Atria Realty Inc., Brokerage*
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