The Toronto Real Estate Board released our mid-November 2014 resale housing market report today. The numbers show a very strong first two weeks to the month in terms of sales and average selling price. According to TREB the number of new listings is also up but only by a little over 2%. Check out TREB’s report below – if you’d like any further information please let me know.
TREB: Mid-November Market Figures
TORONTO, November 18, 2014 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 3,350 sales through the TorontoMLS system during the first 14 days of November 2014. Compared to the same period in 2013, this result represented an increase of 8.3 per cent. Over the same period, new listings were also up, but by a lesser 2.2 per cent.
“Both first-time buyers and existing homeowners who decided to change their housing situation continued to make deals on ownership housing across the GTA in the first half of November. This points to the fact that home ownership remains affordable and that buyers remain confident in ownership housing as a quality long-term investment,” said Mr. Etherington.
The average selling price for sales during the first two weeks of November was $579,834, which was up by 7.6 per cent compared to the average of $538,755 reported for the same time frame in 2013. The detached market segment led the way in terms of year-over-year price growth, both in the City of Toronto and surrounding regions.
“Sellers’ market conditions continued to be experienced for low-rise home types during the first 14 days of November. In many neighbourhoods across the GTA, there are a number of buyers competing for a constrained supply of singles, semis and townhouses. This is why, more often than not, annual average rates of price growth for these home types have been in the high single digits or low double digits this year,” said Jason Mercer, TREB’s Director of Market Analysis.
| Summary of TorontoMLS Sales and Average Price November 1-14, 2014 | |||||||||||||
| 2014 | 2013 | ||||||||||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | ||||||||
| City of Toronto (“416”) | 1,401 | 624,991 | 2,167 | 1,246 | 599,693 | 2,028 | |||||||
| Rest of GTA (“905”) | 1,949 | 547,374 | 2,867 | 1,847 | 497,646 | 2,898 | |||||||
| GTA | 3,350 | 579,834 | 5,034 | 3,093 | 538,755 | 4,926 | |||||||
| TorontoMLS Sales & Average Price By Home Type November 1-14, 2014 | |||||||||||||
| Sales | Average Price | ||||||||||||
| 416 | 905 | Total | 416 | 905 | Total | ||||||||
| Detached | 496 | 1,105 | 1,601 | $922,524 | $664,340 | $744,327 | |||||||
| Yr./Yr. % Change | 8.1% | 4.9% | 5.9% | 8.4% | 11.8% | 10.7% | |||||||
| Semi-Detached | 131 | 202 | 333 | $673,666 | $443,008 | $533,747 | |||||||
| Yr./Yr. % Change | -0.8% | 2.0% | 0.9% | 1.6% | 3.1% | 2.0% | |||||||
| Townhouse | 136 | 375 | 511 | $511,735 | $412,258 | $438,733 | |||||||
| Yr./Yr. % Change | 10.6% | 7.8% | 8.5% | 6.8% | 8.9% | 8.4% | |||||||
| Condo Apartment | 622 | 223 | 845 | $407,178 | $303,665 | $379,861 | |||||||
| Yr./Yr. % Change | 18.5% | 9.9% | 16.1% | 2.9% | 10.5% | 4.9% | |||||||
Click here to view the report on the TREB website.