Greater Toronto Realtors(R) Report Mid-Month Resale Housing Statistics

Marketwired

TORONTO, ONTARIO--(Marketwired - Apr 17, 2014) - Toronto Real Estate Board President Dianne Usher announced that the spring market started off on a strong note in the Greater Toronto Area, with a 10.8 per cent year-over-year sales increase reported by Greater Toronto REALTORS® during the first two weeks of April. Sales through the TorontoMLS system over this period amounted to 4,541 units.

"The robust increase in sales speaks to the fact that home ownership remains affordable in the GTA. The majority of home buyers purchase a home using a mortgage. A household earning the average income in the GTA can comfortably afford a mortgage on an average priced home," said Ms. Usher.

"While the persistent listings shortage in the GTA, coupled with strong demand, has led to a brisk pace of price growth, very low advertised mortgage rates have gone a long way to mitigating the effect of upward trending home prices," continued Ms. Usher.

The average selling price for April mid-month sales was $583,697, representing an annual increase of 11 per cent. This increase was due to both tight market conditions and a change in the mix of homes sold. At month-end, the MLS® HPI benchmark price will provide more insight into price growth attributable solely to the change in market conditions.

"The overall average price increase was driven by single-detached, semi-detached and townhouse sales in the City of Toronto. There was a substantial increase in higher-end home sales this year compared to last," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"This time last year, many would-be home buyers and sellers were still on the sidelines due to changes in federal mortgage lending guidelines, including those guideline changes that removed the government guarantee on mortgage insurance on home sales over one million dollars. However, many of these households have subsequently adjusted to the lending guideline changes and have recently purchased a home," continued Mercer.

Summary of TorontoMLS Sales and Average Price April 1 - 14
2014 2013
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,648 $666,724 3,241 1,504 $575,534 3,388
Rest of GTA ("905") 2,893 $536,401 5,215 2,595 $497,192 5,337
GTA 4,541 $583,697 8,456 4,099 $525,937 8,725
TorontoMLS Sales & Average Price By Home Type April 1-14, 2014
Sales Average Price
416 905 Total 416 905 Total
Detached 628 1,660 2,288 1,012,172 639,322 741,660
Yr./Yr. % Change 19.4 % 9.1 % 11.7 % 19.2 % 8.1 % 12.8 %
Semi-Detached 165 323 488 697,580 438,068 525,813
Yr./Yr. % Change -6.8 % 16.2 % 7.3 % 15.8 % 6.4 % 8.2 %
Townhouse 169 542 711 486,445 411,559 429,359
Yr./Yr. % Change 3.0 % 9.1 % 7.6 % 19.3 % 9.9 % 12.2 %
Condo Apartment 676 289 965 386,874 297,172 360,010
Yr./Yr. % Change 8.2 % 19.4 % 11.3 % 0.2 % 9.4 % 1.6 %

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 38,000 TREB Members serve consumers in the Greater Toronto Area.

TREB is Canada's largest real estate board.

Contact:
Media Inquiries:
Mary Gallagher
Senior Manager, Public Affairs
(416) 443-8158
maryg@trebnet.com
Twitter: www.twitter.com/TREBhome
Facebook: www.facebook.com/TorontoRealEstateBoard
YouTube: www.youtube.com/TREBChannel

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