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Greater Toronto REALTORS(R) Report Latest Mid-Month Resale Market Figures

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.

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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