NEWS RELEASE



GTA REALTORS® report latest mid-month resale housing statistics

TORONTO, June 17, 2014 -- Toronto Real Estate Board President Dianne Usher announced that both sales and new listings were up substantially during the first 14 days of June 2014 compared to the same period in 2013.

“If the first two weeks of June are any indication, we may be seeing a turnaround in the supply of homes for sale in the Greater Toronto Area.  New listings were up on a year-over-year basis for most major home types in the City of Toronto and surrounding regions.  However, sales growth outpaced growth in new listings, which suggests that there is still a lot of pent-up demand yet to be satisfied, so sellers’ market conditions will likely remain in place for the remainder of 2014,” said Ms. Usher.

Sales reported through the TorontoMLS system during the first two weeks of June amounted to 4,938 – up by 11.3 per cent in comparison to 2013.  New listings were up over the same period by 7.8 per cent to 8,825.

The average selling price for June mid-month transactions was $582,100, which represented an increase of 8.6 per cent compared to the average of $535,865 in 2013.

“Average selling prices were up across the GTA for low-rise home types like singles, semis and townhouses as well as for condominium apartments.  This is no surprise given that the number of transactions was up compared to 2013 by a greater rate than the number of new listings, which suggests that competition between buyers arguably increased,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price June 1 - 14

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,835

$644,115

3,492

1,574

$589,450

3,116

Rest of GTA ("905")

3,103

$545,427

5,333

2,863

$506,405

5,071

GTA

4,938

$582,100

8,825

4,437

$535,865

8,187

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

Sales

Average Price

416

905

Total

416

905

Total

Detached

679

1,828

2,507

941,813

652,146

730,600

Yr./Yr. % Change

23.7%

9.2%

12.8%

7.5%

7.9%

8.8%

Semi-Detached

209

344

553

702,782

452,261

546,943

Yr./Yr. % Change

12.4%

13.2%

12.9%

10.3%

9.8%

10.0%

Townhouse

219

549

768

485,394

394,993

420,771

Yr./Yr. % Change

23.7%

3.2%

8.3%

7.2%

4.8%

6.3%

Condo Apartment

714

302

1,016

397,942

300,870

369,088

Yr./Yr. % Change

10.9%

7.5%

9.8%

5.7%

5.6%

5.9%