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

TORONTO, ONTARIO -- (Marketwired) -- 05/16/14 -- 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 increase and price growth remained very strong."

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.

      Summary of TorontoMLS Sales and Average Price - May 1 - 14, 2014
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                                 2014                         2013
                   ---------------------------------------------------------
                              Average       New            Average       New
                      Sales     Price  Listings    Sales     Price  Listings
City of Toronto
 ("416")              1,930  $663,787     3,514    1,654  $595,257     3,474
Rest of GTA ("905")   3,255  $546,460     5,446    2,682  $509,275     5,613
GTA                   5,185  $590,132     8,960    4,336  $542,074     9,087
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             TorontoMLS Sales & Average Price By Home Type May 1 - 14, 2014
                                                          Average
                           Sales                            Price
                   416       905     Total        416         905     Total
             ---------------------------------------------------------------
Detached           738     1,922     2,660    966,867     649,839
  Yr./Yr. %
   Change         20.2%     24.3%     23.1%      13.0%        6.2%  737,796
Semi-Detached      221       360       581    706,903     448,228       8.3%
  Yr./Yr. %
   Change         11.6%     24.1%     19.1%      11.5%        8.8%  546,622
Townhouse          225       578       803    498,254     407,573       8.9%
  Yr./Yr. %
   Change         26.4%     16.5%     19.1%       9.4%        6.5%  432,982
Condo
 Apartment         728       321     1,049    398,823     303,703       7.8%
  Yr./Yr. %
   Change         12.2%     16.7%     13.5%       5.4%        6.2%  369,716
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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 39,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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

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