The Toronto Real Estate Board (TREB) released their Resale Housing Report for 2014 today. The numbers aren’t surprising based on what we saw on a month-to-month basis last year. The average selling price for 2014 was up over 2013 by over 8 per cent and the number of sales up by 6.7 per cent. According to Jason Mercer, TREB’s Director of Market Analysis, “The strong price growth we experienced in 2014 can be explained with two words: listings shortage.” Check out the Resale Housing Report below or click here to go to TREB’s website.
If you’d like any further insight or thoughts about what transpired last year, or what is currently happening in the Toronto real estate scene, please let me know.
TREB: 2014 Resale Housing Report
TORONTO, January 7, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 92,867 residential sales through the TorontoMLS system in 2014, including 4,446 in December. The calendar year 2014 sales result represented a 6.7 per cent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.
“TREB’s 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household’s ability to comfortably cover their monthly mortgage payments,” said Mr. Etherington.
The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 per cent increase over calendar year 2013 to $566,726. This included a seven per cent increase in the December 2014 average selling price to $556,602. Throughout 2014, annual increases in the average selling price and the MLS® HPI Composite Benchmark were consistently reported on a monthly basis for most market segments, from detached homes through to condominium apartments.
The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers,” said Jason Mercer, TREB’s Director of Market Analysis.
| Monthly Summary of TorontoMLS Sales and Average Price | ||||||
| December 1 – 31 | ||||||
| 2014 | 2013 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 1,762 | $574,539 | 1,899 | 1,568 | $542,155 | 1,692 |
| Rest of GTA (“905”) | 2,684 | $544,828 | 2,549 | 2,490 | $506,356 | 2,370 |
| GTA | 4,446 | $556,602 | 4,448 | 4,058 | $520,189 | 4,062 |
| Monthly TorontoMLS Sales & Average Price By Home Type | ||||||
| December 1 – 31, 2014 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 521 | 1,451 | 1,972 | 934,039 | 668,063 | 738,334 |
| Yr./Yr. % Change | 17.1% | 7.3% | 9.7% | 8.0% | 6.6% | 7.7% |
| Semi-Detached | 128 | 283 | 411 | 615,794 | 451,314 | 502,539 |
| Yr./Yr. % Change | -5.9% | 24.1% | 12.9% | -4.4% | 9.9% | 0.9% |
| Townhouse | 174 | 503 | 677 | 474,874 | 420,105 | 434,181 |
| Yr./Yr. % Change | 1.8% | 5.2% | 4.3% | 5.9% | 9.4% | 8.3% |
| Condo Apartment | 924 | 368 | 1,292 | 387,612 | 300,352 | 362,758 |
| Yr./Yr. % Change | 16.1% | -1.6% | 10.4% | 5.4% | 2.2% | 5.4% |
| Annual Summary of TorontoMLS Sales and Average Price | ||||
| January 1 – December 31 | ||||
| 2014 | 2013 | |||
| Sales | Average Price | Sales | Average Price | |
| City of Toronto (“416”) | 34,922 | $610,554 | 32,573 | $564,659 |
| Rest of GTA (“905”) | 57,945 | $540,313 | 54,476 | $498,024 |
| GTA | 92,867 | $566,726 | 87,049 | $522,958 |