Sales and Average Price Up In March 2014

Sales and Average Price Up in March

TORONTO, April 3, 2014 – Toronto Real Estate Board President Dianne Usher announced  that Greater Toronto Area REALTORS® reported strong year-over-year increases in  TorontoMLS home sales and the average selling price in March 2014. Home ownership affordability, backstopped by low borrowing costs, continued to be a key factor underlying this growth.

A total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in comparison to  March 2013. Sales growth was much stronger in March compared to the first two months  of the first quarter. Sales for Q1 as a whole were up by three per cent compared to the  first three months of 2013.  “Sales activity in the GTA accelerated last month. Compared to last year, a greater  number of buyers found affordable home ownership options, as evidenced by sales
growth for all major home types. Against this backdrop, however, overall inventory at the  end of March remained lower than last year. This means competition between buyers  increased, which is why the average selling price continued to climb,” said Ms. Usher.

The average selling price for March 2014 sales was $557,684 – an increase of almost eight  per cent compared to the average reported for March 2013. The average price for the  first quarter of 2014 was up by 8.5 per cent year-over-year.  “With borrowing costs remaining low, and in fact declining, strong home ownership  demand will continue to butt up against a constrained supply of listings. Strong price  growth will be the result for the remainder of 2014. If the pace of price growth  experienced in the first quarter is sustained, TREB may revise its outlook for the average  selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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Ishtiaq Ahmed

Ishtiaq Ahmed

Sales Representative
CENTURY 21 Innovative Realty Inc., Brokerage*
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