NEWS RELEASE 

 


GTA REALTORS® Report Latest Monthly Resale Market Figures

 

TORONTO, February 5, 2014 -- Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home.  In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home.

 

Greater Toronto Area REALTORS® reported 4,135 sales through the TorontoMLS system in January 2014.  This result was down by 2.2 per cent in comparison to January 2013.  New listings entered into the system were down over the same period by 16.6 per cent to 8,822.

 

“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale.  This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.

 

The average selling price for January 2014 sales was $526,528 – up by more than nine per cent compared to $482,080 in January 2013.

 

“The pace of price growth will remain strong in 2014.  Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices.  At the same time, mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

 Summary of TorontoMLS Sales and Average Price January 1 - 31

 

2014

2013

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

 

City of Toronto ("416")

1,551

$552,395

3,610

1,515

$509,502

4,189

 

Rest of GTA ("905")

2,584

$511,001

5,212

2,714

$466,772

6,388

 

GTA

4,135

$526,528

8,822

4,229

$482,080

10,577

 

TorontoMLS Sales & Average Price  By Home Type January 1 - 31, 2014

Sales

Average Price

416

905

Total

416

905

Total

Detached

463

1,413

1,876

888,210

620,654

686,688

Yr./Yr. % Change

-4.3%

-6.5%

-6.0%

14.8%

10.5%

12.0%

Semi-Detached

134

287

421

622,319

416,441

481,970

Yr./Yr. % Change

-5.0%

-8.9%

-7.7%

6.1%

6.3%

6.6%

Townhouse

174

503

677

439,401

396,320

407,393

Yr./Yr. % Change

7.4%

0.0%

1.8%

4.6%

10.4%

9.0%

Condo Apartment

767

319

1,086

366,020

299,118

346,369

Yr./Yr. % Change

7.4%

1.6%

5.6%

7.6%

11.2%

8.7%

 

 

 

 

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