The Toronto Real Estate Board (TREB) released their February 2014 Resale Housing Report today. The report shows an increase in number of home sales (2.1 per cent) and an increase in the average selling price (8.6 per cent) compared to February 2013. TREB is also reporting a decline in the number of new listings in the townhome, semi-detached, and detached markets and an increase in listings in the resale condominium market. Check out TREB’s news release below or click here to go to the full Market Watch.
TREB Market Watch: February 2014 Resale Housing
TORONTO, March 5, 2014 — Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year.
“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month. The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.
“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.
The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013. The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per cent year-over-year.
“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
|
Summary of TorontoMLS Sales and Average Price February 1 – 28 |
||||||||||||
| 2014 | 2013 | |||||||||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |||||||
|
City of Toronto (“416”) |
2,136 | $599,414 | 4,393 | 2,146 | $550,543 | 4,302 | ||||||
|
Rest of GTA (“905”) |
3,595 | $525,731 | 6,504 | 3,467 | $483,926 | 6,703 | ||||||
|
GTA |
5,731 | $553,193 | 10,897 | 5,613 | $509,396 | 11,005 | ||||||
| TorontoMLS Sales & Average Price By Home Type February 1 – 28, 2014 | ||||||||||||
| Sales | Average Price | |||||||||||
| 416 | 905 | Total | 416 | 905 | Total | |||||||
|
Detached |
668 | 2,028 | 2,696 | 955,314 | 640,405 | 718,432 | ||||||
|
Yr./Yr. % Change |
-8.0% | 3.2% | 0.1% | 15.7% | 10.4% | 11.2% | ||||||
|
Semi-Detached |
202 | 388 | 590 | 668,298 | 425,052 | 508,333 | ||||||
|
Yr./Yr. % Change |
-11.8% | 4.0% | -2.0% | 8.0% | 5.6% | 4.9% | ||||||
|
Townhouse |
207 | 634 | 841 | 545,043 | 400,165 | 435,825 | ||||||
|
Yr./Yr. % Change |
-8.8% | -4.1% | -5.3% | 20.7% | 7.3% | 10.9% | ||||||
|
Condo Apartment |
1,031 | 463 | 1,494 | 372,628 | 290,650 | 347,222 | ||||||
|
Yr./Yr. % Change |
9.6% | 19.6% | 12.5% | 6.0% | 3.0% | 4.8% | ||||||
[…] I also posted this month’s Market Watch from the Toronto Regional Real Estate Board last week. If you are curious about what is happening around the GTA, click here. […]