|By Marketwired .||
|March 5, 2014 07:00 AM EST||
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.
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