NEWS RELEASE 

 


GTA REALTORS® REPORT LATEST MID-MONTH RESALE HOUSING STATISTICS

 

TORONTO, April 17, 2014 -- Toronto Real Estate Board President Dianne Usher announced that the spring market started off on a strong note in the Greater Toronto Area, with a 10.8 per cent year-over-year sales increase reported by Greater Toronto REALTORS® during the first two weeks of April.  Sales through the TorontoMLS system over this period amounted to 4,541 units.  

“The robust increase in sales speaks to the fact that home ownership remains affordable in the GTA.  The majority of home buyers purchase a home using a mortgage.  A household earning the average income in the GTA can comfortably afford a mortgage on an average priced home,” said Ms. Usher.

  “While the persistent listings shortage in the GTA, coupled with strong demand, has led to a brisk pace of price growth, very low advertised mortgage rates have gone a long way to mitigating the effect of upward trending home prices,” continued Ms. Usher.

The average selling price for April mid-month sales was $583,697, representing an annual increase of 11 per cent.  This increase was due to both tight market conditions and a change in the mix of homes sold.  At month-end, the MLS® HPI benchmark price will provide more insight into price growth attributable solely to the change in market conditions.

 
“The overall average price increase was driven by single-detached, semi-detached and townhouse sales in the City of Toronto.  There was a substantial increase in higher-end home sales this year compared to last,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“This time last year, many would-be home buyers and sellers were still on the sidelines due to changes in federal mortgage lending guidelines, including those guideline changes that removed the government guarantee on mortgage insurance on home sales over one million dollars.  However, many of these households have subsequently adjusted to the lending guideline changes and have recently purchased a home,” continued Mercer.


 

Summary of TorontoMLS Sales and Average Price April 1 - 14

 

2014

2013

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

 

City of Toronto ("416")

1,648

$666,724

3,241

1,504

$575,534

3,388

 

Rest of GTA ("905")

2,893

$536,401

5,215

2,595

$497,192

5,337

 

GTA

4,541

$583,697

8,456

4,099

$525,937

8,725

 

TorontoMLS Sales & Average Price  By Home Type April 1-14, 2014

Sales

Average Price

416

905

Total

416

905

Total

Detached

628

1,660

2,288

1,012,172

639,322

741,660

Yr./Yr. % Change

19.4%

9.1%

11.7%

19.2%

8.1%

12.8%

Semi-Detached

165

323

488

697,580

438,068

525,813

Yr./Yr. % Change

-6.8%

16.2%

7.3%

15.8%

6.4%

8.2%

Townhouse

169

542

711

486,445

411,559

429,359

Yr./Yr. % Change

3.0%

9.1%

7.6%

19.3%

9.9%

12.2%

Condo Apartment

676

289

965

386,874

297,172

360,010

Yr./Yr. % Change

8.2%

19.4%

11.3%

0.2%

9.4%

1.6%

 

 

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