GTA REALTORS® Report Mid-Month Housing Market Figures:reported 2,496 sales

The average selling price for December mid-month transactions was $565,873, an increase of 8.6 per cent


Toronto Real Estate Board announced that Greater Toronto REALTORS® reported 2,496 sales through the TorontoMLS system during the first 14 days of December 2014. This result was up by 1.9 per cent compared to the same period in December 2013. Over the same period, new listings were down by 1.8 per cent year over year.

“Greater Toronto Area households remain upbeat about buying a home, as evidenced by the increase in sales compared to last year. However, many would-be home buyers continue to have problems getting a deal done due to the lack of listings for some home types. The lack of listings has definitely been a drag on sales this year,” said Mr. Etherington.

The average selling price for December mid-month transactions was $565,873, which represented a year-over-year increase of 8.6 per cent. Price growth was driven by the detached market segment in the City of Toronto.

“Sellers’ market conditions remain in place for low-rise home types, including detached and semi-detached houses and townhouses. The condominium apartment segment of the market has been more balanced due to strong project completions, but there has been enough buyer interest to prompt condo price growth above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price December 1-14, 2014

2014
2013

Sales
Average Price
New Listings
Sales
Average Price
New Listings

City of Toronto ("416")
982
581,544
1,214
939
534,443
1,215

Rest of GTA ("905")
1,514
555,708
1,636
1,510
512,798
1,687

GTA
2,496
565,873
2,850
2,449
521,098
2,902


TorontoMLS Sales & Average Price By Home Type December 1-14, 2014
Sales
Average Price
416
905
Total
416
905
Total
Detached
299
833
1,132
$936,761
$685,429
$751,815
Yr./Yr. % Change
7.9%
1.3%
3.0%
15.2%
7.9%
10.5%
Semi-Detached
72
165
237
$660,412
$447,075
$511,886
Yr./Yr. % Change
-18.2%
12.2%
0.9%
1.1%
9.0%
2.2%
Townhouse
112
275
387
$491,303
$420,866
$441,251
Yr./Yr. % Change
6.7%
-5.8%
-2.5%
10.0%
8.5%
9.4%
Condo Apartment
492
200
692
$376,845
$299,844
$354,590
Yr./Yr. % Change
8.8%
-7.0%
3.7%
3.1%
2.4%
3.6%

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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