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NEWS RELEASE |
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October 16, 2013 -- Greater Toronto Area REALTORS® reported 3,460 sales
through the TorontoMLS system during the first 14
days of October 2013. This result was up
by 21 per cent in comparison to 2,849 sales reported during the same period in
2012. October mid-month sales were also
up by 13 per cent compared to the 10-year average.
“With October mid-month sales well-above the 10-year
average, it seems clear that we have more than recovered from the temporary dip
in residential transactions that resulted from the onset of stricter mortgage
lending guidelines,” said Toronto Real Estate Board President Dianne Usher.
“It is also important to note that the supply of
ground-oriented listings remains constrained, due in part
to the additional land transfer tax and stricter lending guidelines. If this were not the case, the number of
sales could have been greater because more households would have been able find
a home to purchase,” continued Ms. Usher.
The average selling price for October mid-month
transactions was $536,301 – up 7.3 per cent compared to the first 14 days of
October 2012.
“Price growth has been stronger in the second half of 2013, as sales growth has outstripped growth in listings. There have been more buyers competing for available properties compared to the first half of the year, which has led to increased upward pressure on average selling prices,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
Summary
of TorontoMLS Sales and Average Price |
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October
1 - 14 |
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2013 |
2012 |
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Sales |
Average
Price |
New
Listings |
Sales |
Average
Price |
New
Listings |
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City of Toronto ("416") |
1,381 |
$589,828 |
2,286 |
1,118 |
$535,058 |
2,764 |
Rest of GTA ("905") |
2,079 |
$500,745 |
3,522 |
1,731 |
$476,823 |
3,707 |
GTA |
3,460 |
$536,301 |
5,808 |
2,849 |
$499,675 |
6,471 |
TorontoMLS Sales & Average Price By Home Type |
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October
1 - 14, 2013 |
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Sales |
Average
Price |
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416 |
905 |
Total |
416 |
905 |
Total |
|
Detached |
502 |
1,181 |
1,683 |
840,396 |
603,149 |
673,915 |
Yr./Yr.
% Change |
28.7% |
18.1% |
21.1% |
8.2% |
6.0% |
7.4% |
Semi-Detached |
140 |
211 |
351 |
630,760 |
413,586 |
500,208 |
Yr./Yr.
% Change |
5.3% |
15.9% |
11.4% |
10.4% |
5.1% |
6.7% |
Townhouse |
142 |
401 |
543 |
498,480 |
367,660 |
401,871 |
Yr./Yr.
% Change |
24.6% |
20.8% |
21.7% |
14.4% |
3.4% |
6.9% |
Condo Apartment |
582 |
236 |
818 |
391,180 |
314,109 |
368,945 |
Yr./Yr.
% Change |
22.0% |
31.8% |
24.7% |
10.7% |
11.0% |
10.4% |