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Greater Toronto Realtors(R) Report Latest Montly Resale Housing Market Figures

TORONTO, ONTARIO -- (Marketwired) -- 03/05/14 -- 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
               -------------------------------------------------------------
                             Average       New              Average      New
                   Sales       Price  Listings    Sales       Price 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%
----------------------------------------------------------------------------

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 37,000 TREB Members serve consumers in the Greater Toronto Area. The

Toronto Real Estate Board is Canada's largest real estate board.

Contacts:
Media Inquiries:
Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
[email protected]

Twitter: www.twitter.com/TREBhome
Facebook: www.facebook.com/TorontoRealEstateBoard
YouTube: www.youtube.com/TREBChannel

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