The Toronto housing market ended 2014 on a high note, riding the momentum of what the Toronto Real Estate Board (TREB) described as a near record breaking year.
Below, we’ve highlighted the most notable GTA housing facts and figures plucked from TREB’s recently published December Market Watch Report.
Top 7 facts from TREB’S December Market Watch Report
1.) The number of home transactions in 2014 totalled 92,867, falling just short of the sales record set in 2007 by a mere 326 transactions.
Overall, GTA housing sales for the 2014 calendar year increased by 6.7 percent over 2013.
2.) Average price of a GTA home in 2014 hovered around $566,726 – 8.4 percent upfrom the previous year.
3.) When isolating monthly figures, GTA homes sales in December faced a 9.6 percent year-over-year hike.
In terms of raw numbers, December saw 4,446 real estate transactions come through the Toronto MLS system, which is higher when compared to the same time last year that saw 4,058 transactions.
Monthly home prices stood at $566,602, up 7 percent from December 2013.
4.) Jason Mercer, TREB’s Direct of Market Analysis says “the strong price growth we experienced in 2014 can be explained with two words: listings shortage.”
The numbers certainly back up his statement as active listings for December 2014 dropped by a staggering 10.4 percent from December last year. Constraints in supply were most felt in low-rise home types (detached, semi-detached and townhouse), where a growing number of eager house hunters had a smaller pool of homes to chose from, in turn driving up competition, as well as prices.
5.) Townhouses saw the biggest year-over-year price jump of any other housing types in December. The average price of a GTA townhouse climbed 8.3 percent to $434,181.
Townhomes saw the largest price hikes in the 905 area, which largely covers GTA suburbs like Mississauga and Vaughan, with prices soaring up by 9.4 percent.
6.) Resale prices for a detached climbed up by 7.7 percent and semi-detached homes went up by 0.9 percent. It’s worth noting prices of semi-detached homes in the 905 area grew by 9.9 percent.
7.) TREB reported the average price of a GTA condo in December stood at $362,758, up 5.4 percent as compared to last year.
Expect a more in depth analysis of the Toronto housing market when TREB releases its Q4 2014 Housing Report towards the end of January. For a review of TREB’s November market watch report, click here.
Source: TheRedPin Team