GTA REALTORS® Report Resale Housing Market Figures:8,552 sales through the TorontoMLS


The average selling price for October 2014 transactions was $587,505 – up 8.9 per cent


Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 8,552 sales through the TorontoMLS system in October 2014. This result represented an increase of 7.7 per cent compared to October 2013. New listings were also up on a year-over-year basis, but by a lesser 3.4 per cent.

“Strong growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Mr. Etherington.

The average selling price for October 2014 transactions was $587,505 – up 8.9 per cent compared to the average of $539,286 reported for October 2013. The MLS® HPI composite benchmark price was up by 8.3 per cent over the same period. Low-rise home types, including singles, semis and town houses, continued to be the driver of year-over-year growth in the average price and the MLS® HPI composite benchmark.

“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, particularly where low-rise home types are concerned. The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” said Jason Mercer, TREB’s Director of Market Analysis.


TorontoMLS Sales & Average Price By Home Type October 1 - 31, 2014
Sales
Average Price
416
905
Total
416
905
Total
Detached
1,199
2,964
4,163
951,746
672,929
753,232
Yr./Yr. % Change
7.8%
10.8%
9.9%
8.7%
10.6%
9.6%
Semi-Detached
375
524
899
678,937
450,375
545,715
Yr./Yr. % Change
14.7%
3.1%
7.7%
5.4%
8.3%
8.0%
Townhouse
361
951
1,312
520,705
414,797
443,938
Yr./Yr. % Change
2.8%
4.7%
4.2%
9.8%
9.4%
9.5%
Condo Apartment
1,455
578
2,033
390,430
308,919
367,256
Yr./Yr. % Change
8.2%
3.6%
6.8%
1.5%
4.6%
2.5%




Jason Mercer - Director, Market Analysis, discusses the Market Watch Report for October 2014

ALSO ON REAL ESTATE SNATCH:


The Market According to TREB's Mercer - Quarterly October 2014


Jason Mercer - Director, Market Analysis, discusses the Market for the Quarterly of October 2014


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