Greater Toronto Realtors(R) Report Resale Housing Market Figures

Marketwired

TORONTO, ONTARIO--(Marketwired - Jun 4, 2014) - Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.

Total TorontoMLS sales for May 2014 amounted to 11,079 - a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013.

"We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices. Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months," said Ms. Usher.

Average selling prices varied across the Greater Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439. The average price for condominium apartments was $401,809 in the City of Toronto and $307, 307 in the surrounding regions.

"The listings situation in the GTA did not improve this past May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth well-above the rate of inflation, especially for singles, semis and townhomes," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"It is also important to point out that even though the condo apartment market segment remains comparatively well-supplied, as new project completions have generally led to an uptick in listings, we have seen enough buyer interest to prompt strong condo price growth as well," continued Mercer.

Summary of TorontoMLS Sales and Average Price May 1 - 31
2014 2013

Sales

Average Price
New
Listings

Sales

Average Price
New
Listings
City of Toronto ("416") 4,069 $652,681 7,360 3,773 $599,215 7,211
Rest of GTA ("905") 7,010 $546,037 11,571 6,173 $504,684 11,869
GTA 11,079 $585,204 18,931 9,946 $540,544 19,080
TorontoMLS Sales & Average Price By Home Type May 1 - 31

416
Sales
905

Total

416
Average Price
905

Total
Detached 1,551 4,164 5,715 943,055 648,439 728,395
Yr./Yr. % Change 7.4% 15.2% 13.0% 9.2% 7.9% 7.8%
Semi-Detached 470 731 1,201 684,980 443,644 538,089
Yr./Yr. % Change 10.8% 9.1% 9.8% 7.9% 8.4% 8.3%
Townhouse 449 1,274 1,723 503,737 405,051 430,767
Yr./Yr. % Change 18.8% 9.4% 11.7% 10.1% 8.2% 9.1%
Condo Apartment 1,565 669 2,234 401,809 307,307 373,509
Yr./Yr. % Change 5.4% 16.1% 8.4% 7.6% 4.8% 6.4%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 39,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

Get the latest real estate news and Market Watch information including market watch summary video.

Contact:
Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

View Comments (0)