The Toronto Real Estate Board released their market report for the first fourteen days of December yesterday. The report shows an increase in the number of sales and a decline in the number of new listings over the same time period last year. The average selling price is up on a year-over-year basis by 8.6 per cent. Check out the news market report release below and if you’d like any further information about what is happening in the Toronto real estate market please contact me directly.
TREB: December 2014 mid-month market report
TORONTO, December 16, 2014 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 2,496 sales through the TorontoMLS system during the first 14 days of December 2014. This result was up by 1.9 per cent compared to the same period in December 2013. Over the same period, new listings were down by 1.8 per cent year over year.
“Greater Toronto Area households remain upbeat about buying a home, as evidenced by the increase in sales compared to last year. However, many would-be home buyers continue to have problems getting a deal done due to the lack of listings for some home types. The lack of listings has definitely been a drag on sales this year,” said Mr. Etherington.
The average selling price for December mid-month transactions was $565,873, which represented a year-over-year increase of 8.6 per cent. Price growth was driven by the detached market segment in the City of Toronto.
“Sellers’ market conditions remain in place for low-rise home types, including detached and semi-detached houses and townhouses. The condominium apartment segment of the market has been more balanced due to strong project completions, but there has been enough buyer interest to prompt condo price growth above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
| Summary of TorontoMLS Sales and Average Price December 1-14, 2014 | |||||||||||||
| 2014 | 2013 | ||||||||||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | ||||||||
| City of Toronto (“416”) | 982 | 581,544 | 1,214 | 939 | 534,443 | 1,215 | |||||||
| Rest of GTA (“905”) | 1,514 | 555,708 | 1,636 | 1,510 | 512,798 | 1,687 | |||||||
| GTA | 2,496 | 565,873 | 2,850 | 2,449 | 521,098 | 2,902 | |||||||
| TorontoMLS Sales & Average Price By Home Type December 1-14, 2014 | |||||||||||||
| Sales | Average Price | ||||||||||||
| 416 | 905 | Total | 416 | 905 | Total | ||||||||
| Detached | 299 | 833 | 1,132 | $936,761 | $685,429 | $751,815 | |||||||
| Yr./Yr. % Change | 7.9% | 1.3% | 3.0% | 15.2% | 7.9% | 10.5% | |||||||
| Semi-Detached | 72 | 165 | 237 | $660,412 | $447,075 | $511,886 | |||||||
| Yr./Yr. % Change | -18.2% | 12.2% | 0.9% | 1.1% | 9.0% | 2.2% | |||||||
| Townhouse | 112 | 275 | 387 | $491,303 | $420,866 | $441,251 | |||||||
| Yr./Yr. % Change | 6.7% | -5.8% | -2.5% | 10.0% | 8.5% | 9.4% | |||||||
| Condo Apartment | 492 | 200 | 692 | $376,845 | $299,844 | $354,590 | |||||||
| Yr./Yr. % Change | 8.8% | -7.0% | 3.7% | 3.1% | 2.4% | 3.6% | |||||||
Click here to view the market report on TREB’s website.