The Toronto Real Estate Board (TREB) released their March 2014 mid-month resale report this week. The resale report shows that the number of transactions through MLS to be about the same as it was for the same period in 2013. The average price is up almost 6%, with the semi-detached market leading the way in growth. The market so far in March has seen a shortage of listings in the single-detached, semi-detached and townhouse market with an abundance of buyers. Check out the March 2014 mid-month resale report below or click here to visit TREB’s website.
TREB: March 2014 Mid-Month Resale Report
TORONTO, March 19, 2014 — Toronto Real Estate Board President Dianne Usher announced that Greater Toronto Area REALTORS® reported 3,459 transactions through the TorontoMLS system during the first two weeks of March 2014. This result for the TREB market area as a whole was virtually unchanged in comparison to 3,464 transactions completed during the same period in 2013.
“Despite the poor weather conditions experienced during the first half of March, an abundance of willing buyers were actively searching for a home to purchase. However, many of these people continued to be affected by the enduring shortage of single-detached, semi-detached and townhouse listings, which means that in some cases they could not find a home on which to make an offer, or they were facing stiff competition from other buyers,” said Ms. Usher.
For all home types combined in the GTA, the average selling price was $560,948 – up by almost six per cent in comparison to the average price for the same time frame in 2013. The semi-detached market segment in the City of Toronto led the way in terms of price growth during the first 14 days of March, with a year-over-year increase of more than ten per cent.
“Semi-detached houses represent a more affordable ownership option for some households. Because of this, some semi-detached listings have attracted many interested buyers. This competition has served to exert strong upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The average single-detached price was down slightly in the City of Toronto year over year because of a smaller share of luxury deals this year compared to last. Tight market conditions will continue to drive strong detached price growth in 2014,” added Mercer.
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Summary of TorontoMLS Sales and Average Price March 1 – 14 |
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| 2014 | 2013 | ||||||||||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | ||||||||
|
City of Toronto (“416”) |
1,293 | $609,199 | 2,321 | 1,352 | $583,968 | 2,614 | |||||||
|
Rest of GTA (“905”) |
2,166 | $532,143 | 4,030 | 2,112 | $496,532 | 4,408 | |||||||
|
GTA |
3,459 | $560,948 | 6,351 | 3,464 | $530,658 | 7,022 | |||||||
| TorontoMLS Sales & Average Price By Home Type March 1 – 14, 2014 | |||||||||||||
| Sales | Average Price | ||||||||||||
| 416 | 905 | Total | 416 | 905 | Total | ||||||||
|
Detached |
445 | 1,243 | 1,688 | 902,425 | 638,555 | 708,118 | |||||||
|
Yr./Yr. % Change |
-2.2% | 3.6% | 2.0% | -0.5% | 6.0% | 3.2% | |||||||
|
Semi-Detached |
125 | 227 | 352 | 691,279 | 436,093 | 526,713 | |||||||
|
Yr./Yr. % Change |
-8.8% | -4.2% | -5.9% | 10.6% | 9.5% | 9.4% | |||||||
|
Townhouse |
129 | 425 | 554 | 479,934 | 406,839 | 423,859 | |||||||
|
Yr./Yr. % Change |
-7.9% | 11.8% | 6.5% | 7.8% | 8.3% | 7.5% | |||||||
|
Condo Apartment |
583 | 227 | 810 | 399,207 | 288,682 | 368,233 | |||||||
|
Yr./Yr. % Change |
-4.3% | -7.3% | -5.2% | 8.3% | 4.9% | 7.7% | |||||||