NEWS RELEASE



GTA REALTORS® Report Resale Housing Market Figures

TORONTO, November 5, 2014 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,552 sales through the TorontoMLS system in October 2014.  This result represented an increase of 7.7 per cent compared to October 2013.  New listings were also up on a year-over-year basis, but by a lesser 3.4 per cent. 

“Strong growth in sales was evident across all major home types during the first full month of fall.  This suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Mr. Etherington.  

The average selling price for October 2014 transactions was $587,505 – up 8.9 per cent compared to the average of $539,286 reported for October 2013.  The MLS® HPI composite benchmark price was up by 8.3 per cent over the same period.  Low-rise home types, including singles, semis and town houses, continued to be the driver of year-over-year growth in the average price and the MLS® HPI composite benchmark. 

“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, particularly where low-rise home types are concerned.  The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price October 1 - 31

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,420

$633,078

5,699

3,167

$594,066

5,326

Rest of GTA ("905")

5,132

$557,135

7,777

4,774

$502,947

7,712

GTA

8,552

$587,505

13,476

7,941

$539,286

13,038

 

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

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,199

2,964

4,163

951,746

672,929

753,232

Yr./Yr. % Change

7.8%

10.8%

9.9%

8.7%

10.6%

9.6%

Semi-Detached

375

524

899

678,937

450,375

545,715

Yr./Yr. % Change

14.7%

3.1%

7.7%

5.4%

8.3%

8.0%

Townhouse

361

951

1,312

520,705

414,797

443,938

Yr./Yr. % Change

2.8%

4.7%

4.2%

9.8%

9.4%

9.5%

Condo Apartment

1,455

578

2,033

390,430

308,919

367,256

Yr./Yr. % Change

8.2%

3.6%

6.8%

1.5%

4.6%

2.5%