​GTA REALTORS® REPORT RESALE HOUSING MARKET FIGURES

TORONTO, November 5, 2014 -- 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.

Summary of TorontoMLS Sales and Average Price October 1 - 31
2014 2013
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 3,420 $633,078 5,699 3,167 $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
TorontoMLS Sales & Average Price By Home Type October 1 - 31, 2014
Sales Average Price
416 905 Total 416 905 Total
Detached 1,199 2,964 4,163 951,746 672,929 753,232
Yr./Yr. % Change 7.8% 10.8% 9.9% 8.7% 10.6% 9.6%
Semi-Detached 375 524 899 678,937 450,375 545,715
Yr./Yr. % Change 14.7% 3.1% 7.7% 5.4% 8.3% 8.0%
Townhouse 361 951 1,312 520,705 414,797 443,938
Yr./Yr. % Change 2.8% 4.7% 4.2% 9.8% 9.4% 9.5%
Condo Apartment 1,455 578 2,033 390,430 308,919 367,256
Yr./Yr. % Change 8.2% 3.6% 6.8% 1.5% 4.6% 2.5%
Mushtaq Sayed

Mushtaq Sayed

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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