GREATER TORONTO REALTORS® REPORT MID-MONTH RESALE HOUSING STATISTICS

TORONTO, April 17, 2014 – Toronto Real Estate Board President Dianne Usher
announced that the spring market started off on a strong note in the Greater Toronto
Area, with a 10.8 per cent year-over-year sales increase reported by Greater Toronto
REALTORS® during the first two weeks of April. Sales through the TorontoMLS system
over this period amounted to 4,541 units.
“The robust increase in sales speaks to the fact that home ownership remains
affordable in the GTA. The majority of home buyers purchase a home using a
mortgage. A household earning the average income in the GTA can comfortably afford
a mortgage on an average priced home,” said Ms. Usher.
“While the persistent listings shortage in the GTA, coupled with strong demand, has led
to a brisk pace of price growth, very low advertised mortgage rates have gone a long
way to mitigating the effect of upward trending home prices,” continued Ms. Usher.
The average selling price for April mid-month sales was $583,697, representing an
annual increase of 11 per cent. This increase was due to both tight market conditions
and a change in the mix of homes sold. At month-end, the MLS® HPI benchmark price
will provide more insight into price growth attributable solely to the change in market
conditions.

Rajan Sharma

Rajan Sharma

Sales Representative
CENTURY 21 People's Choice Realty Inc., Brokerage*
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