NEWS RELEASE 

 


GTA REALTORS® Report Latest Monthly Resale Housing Market Figures

 

TORONTO, March 5, 2014 -- Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year.  Total February sales amounted to 5,731 compared to 5,613 last year.

 

“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month.  The sales increase was largely driven by resale condominium apartments.  New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice.  This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained.  Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.

 

“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.

 

The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013.  The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per cent year-over-year.

 

“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year.  Home prices, on average, will trend upwards at a pace well-above the rate of inflation.  The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

Summary of TorontoMLS Sales and Average Price February 1 - 28

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,136

$599,414

4,393

2,146

$550,543

4,302

Rest of GTA ("905")

3,595

$525,731

6,504

3,467

$483,926

6,703

GTA

5,731

$553,193

10,897

5,613

$509,396

11,005

TorontoMLS Sales & Average Price  By Home Type February 1 - 28, 2014

Sales

Average Price

416

905

Total

416

905

Total

Detached

668

2,028

2,696

955,314

640,405

718,432

Yr./Yr. % Change

-8.0%

3.2%

0.1%

15.7%

10.4%

11.2%

Semi-Detached

202

388

590

668,298

425,052

508,333

Yr./Yr. % Change

-11.8%

4.0%

-2.0%

8.0%

5.6%

4.9%

Townhouse

207

634

841

545,043

400,165

435,825

Yr./Yr. % Change

-8.8%

-4.1%

-5.3%

20.7%

7.3%

10.9%

Condo Apartment

1,031

463

1,494

372,628

290,650

347,222

Yr./Yr. % Change

9.6%

19.6%

12.5%

6.0%

3.0%

4.8%

 

 

 

 

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