TREB: February 2014 Mid-month Resale Market Report

The Toronto Real Estate Board (TREB) released their February 2014 mid-month resale market report today.  The numbers show that the beginning of this month has started with listings down compared to last year – albeit not as drastic as January 2014 was compared to January 2013 – and prices up over the same time period in February 2013.  TREB also notes that the number of sales that went through the MLS system were up over the same time period last year.  You can find the full news release below or click this link (NEWS RELEASE) to go to the TREB website.

TREB:  February 2014 Mid-Month Resale Market Report

 TORONTO, February 19, 2014 — Toronto Real Estate Board President Dianne Usher announced that “sales growth has rebounded so far in February after a slow start to the year in January.  While new listings were still down in comparison to last year, the annual rate of decline was less than experienced last month.  This may point to an improvement in the listings situation moving forward, which would help alleviate some of the pent-up demand that currently exists in the marketplace.”

 Greater Toronto Area REALTORS® reported 2,767 sales through the TorontoMLS system during the first 14 days of February.  This result was up by 1.3 per cent in comparison to 2,731 transactions reported during the same period in 2013.  New listings were down by 6.1 per cent on a year-over-year basis.

“Price growth well above the rate of inflation will be the norm for the remainder of the year.  Over the same period, mortgage rates are expected to remain low, thereby keeping home ownership affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

The average selling price during the first two weeks of February 2014 was $547,107 – up 7.8 per cent compared to the average of $507,474 for the first 14 days of February 2013.