|By Marketwired .||
|March 19, 2014 10:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 03/19/14 -- Toronto Real Estate Board President Dianne Usher announced that Greater Toronto Area REALTORS® reported 3,459 transactions through the TorontoMLS system during the first two weeks of March 2014. This result for the TREB market area as a whole was virtually unchanged in comparison to 3,464 transactions completed during the same period in 2013.
"Despite the poor weather conditions experienced during the first half of March, an abundance of willing buyers were actively searching for a home to purchase. However, many of these people continued to be affected by the enduring shortage of single-detached, semi-detached and townhouse listings, which means that in some cases they could not find a home on which to make an offer, or they were facing stiff competition from other buyers," said Ms. Usher.
For all home types combined in the GTA, the average selling price was $560,948 - up by almost six per cent in comparison to the average price for the same time frame in 2013. The semi-detached market segment in the City of Toronto led the way in terms of price growth during the first 14 days of March, with a year-over-year increase of more than ten per cent.
"Semi-detached houses represent a more affordable ownership option for some households. Because of this, some semi-detached listings have attracted many interested buyers. This competition has served to exert strong upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"The average single-detached price was down slightly in the City of Toronto year over year because of a smaller share of luxury deals this year compared to last. Tight market conditions will continue to drive strong detached price growth in 2014," added Mercer.
Summary of TorontoMLS Sales and Average Price March 1 - 14 ---------------------------------------------------------------------------- 2014 2013 ------------------------------------------------------------ Average New Average New Sales Price Listings Sales Price Listings City of Toronto ("416") 1,293 $609,199 2,321 1,352 $583,968 2,614 Rest of GTA ("905") 2,166 $532,143 4,030 2,112 $496,532 4,408 GTA 3,459 $560,948 6,351 3,464 $530,658 7,022 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- TorontoMLS Sales & Average Price By Home Type March 1 - 14, 2014 Sales Average Price 416 905 Total 416 905 Total ------------------------------------------------------ Detached 445 1,243 1,688 902,425 638,555 708,118 Yr./Yr. % Change -2.2% 3.6% 2.0% -0.5% 6.0% 3.2% Semi-Detached 125 227 352 691,279 436,093 526,713 Yr./Yr. % Change -8.8% -4.2% -5.9% 10.6% 9.5% 9.4% Townhouse 129 425 554 479,934 406,839 423,859 Yr./Yr. % Change -7.9% 11.8% 6.5% 7.8% 8.3% 7.5% Condo Apartment 583 227 810 399,207 288,682 368,233 Yr./Yr. % Change -4.3% -7.3% -5.2% 8.3% 4.9% 7.7%
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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