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May 2014 GTA REALTORS® Release Monthly Resale Housing Figures

June 4, 2014/0 Comments/in Market News/by TanTeam Editorial

TORONTO, June 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 […]

May 2014 GTA REALTORS® Release Mid-Month Resale Housing Figures

May 17, 2014/0 Comments/in Market News/by TanTeam Editorial

TORONTO, May 16, 2014 — Toronto Real Estate Board President Dianne Usher announced that “Sales reported by Greater Toronto REALTORS® were up strongly during the first two weeks of May in comparison to the same time last year. However, new listings were down slightly over the same period, which means competition between buyers continued to […]

May 2014 GTA REALTORS® Release Monthly Resale Housing Figures

June 4, 2014/0 Comments/in Market News/by TanTeam Editorial

May 2014 GTA REALTORS® Release Mid-Month Resale Housing Figures

May 17, 2014/0 Comments/in Market News/by TanTeam Editorial

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May 2014 GTA REALTORS® Release Monthly Resale Housing Figures

June 4, 2014/0 Comments/in Market News/by TanTeam Editorial

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.

Source: Toronto Real Estate Board

May 2014 GTA REALTORS® Release Mid-Month Resale Housing Figures

May 17, 2014/0 Comments/in Market News/by TanTeam Editorial

There were 5,185 sales reported through the TorontoMLS system during the first two weeks of May 2014. This result was up by 19.6 per cent in comparison to the first 14 days of May 2013. Sales increased for low rise home types, including single-detached and semi-detached homes and townhouses, as well as for condominium apartments.

The growth in sales was also widespread geographically, with the number of transactions up in the City of Toronto and surrounding regions.

The average selling price for the first two weeks of May was $590,132 – up 8.9 per cent compared to the average of $542,074 reported for transactions during the same period in May 2013.

Price growth was strongest for detached homes in the City of Toronto, where demand remained very strong relative to the short supply of listings. While the condominium apartment market segment remained well-supplied, there was enough demand to prompt above-inflation price growth.

“While tight market conditions continue to prompt strong year-over-year increases in the average selling price, it is important to point out that the monthly cost of home ownership – mortgage principal and interest, property taxes and utilities – has not trended upward as strongly. Strong price growth has been mitigated to a large degree by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis

Source: Toronto Real Estate Board