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.