NEWS RELEASE



GTA REALTORS® REPORT MID-MONTH HOUSING MARKET FIGURES

TORONTO, October 16, 2014 -- Toronto Real Estate Board President Paul Etherington announced that residential sales reported through the TorontoMLS system during the first 14 days of October were up by 12.2 per cent compared to the same period in 2013.  Over the same period, new listings entered into TorontoMLS were up by a lesser 5.9 per cent. 

“We have seen a strong hand-off from the third quarter into the fourth quarter, as sales for all major home types were up.  This suggests that a great diversity of home buyers remain active in today’s market, from first-time buyers looking for affordable home ownership options through to high income households looking to purchase a luxury property,” said Mr. Etherington. 

The average selling price for sales during the first two weeks of October was $583,719 – up by 8.8 per cent compared to the same period in 2013.  Overall price growth continued to be driven by the low-rise market segments, including detached and semi-detached houses and townhouses. 

“Strong annual rates of price growth for low-rise home types were sustained, as sales growth continued to outpace growth in new listings.  Sellers’ market conditions are expected to remain in place for the remainder of 2014 and into 2015 as well.  This means that high single-digit rates of price growth for singles, semis and townhouses will likely remain the norm over the next few months,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price October 1 - 14, 2014

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,483

628,458

2,547

1,334

589,541

2,266

Rest of GTA ("905")

2,267

554,452

3,538

2,009

501,474

3,481

GTA

3,750

583,719

6,085

3,343

536,617

5,747

 

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

Sales

Average Price

416

905

Total

416

905

Total

Detached

528

1,365

1,893

$946,131

$659,774

$739,646

Yr./Yr. % Change

10.7%

20.2%

17.4%

11.5%

8.8%

9.1%

Semi-Detached

149

233

382

$692,418

$447,110

$542,793

Yr./Yr. % Change

15.5%

19.5%

17.9%

8.3%

8.7%

8.1%

Townhouse

159

388

547

$508,232

$412,017

$439,985

Yr./Yr. % Change

16.1%

-1.8%

2.8%

2.6%

11.8%

9.6%

Condo Apartment

629

239

868

$381,709

$301,250

$359,555

Yr./Yr. % Change

9.0%

2.1%

7.0%

-2.6%

-4.3%

-2.7%