 |
The average selling price for TorontoMLS sales in October 2013 was $539,058– up by more than seven per cent |
"The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained," said Toronto Real Estate Board President Dianne Usher.
"The supply of listings for many home types and price points has either been down year-over-year or at least not up by the same annual rate as sales. The additional Land Transfer Tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list," continued Ms. Usher.
The average selling price for TorontoMLS sales in October 2013 was $539,058– up by more than seven per cent in comparison to the average price of $502,127 in October 2012. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.5 per cent year-over-year.
"Growth in the average selling price and the MLS® HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs," said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
| 2013 | 2012 | |||||||||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |||||||
| City of Toronto ("416") | 3,190 | $593,807 | 5,349 | 2,673 | $538,120 | 5,837 | ||||||
| Rest of GTA ("905") | 4,810 | $502,748 | 7,761 | 4,040 | $478,313 | 7,848 | ||||||
| GTA | 8,000 | $539,058 | 13,110 | 6,713 | $502,127 | 13,685 | ||||||
| TorontoMLS Sales & Average Price By Home Type October 1 - 31, 2013 | ||||||||||||
| Sales | Average Price | |||||||||||
| 416 | 905 | Total | 416 | 905 | Total | |||||||
| Detached | 1,125 | 2,695 | 3,820 | 873,509 | 607,849 | 686,087 | ||||||
| Yr./Yr. % Change | 23.6% | 15.4% | 17.7% | 12.4% | 6.3% | 9.0% | ||||||
| Semi-Detached | 331 | 514 | 845 | 642,112 | 417,124 | 505,255 | ||||||
| Yr./Yr. % Change | -2.4% | 15.5% | 7.8% | 11.7% | 6.7% | 7.4% | ||||||
| Townhouse | 355 | 915 | 1,270 | 473,240 | 378,688 | 405,118 | ||||||
| Yr./Yr. % Change | 26.3% | 20.7% | 22.2% | 4.0% | 6.0% | 5.5% | ||||||
| Condo Apartment | 1,347 | 560 | 1,907 | 384,441 | 295,166 | 358,225 | ||||||
| Yr./Yr. % Change | 20.4% | 35.6% | 24.5% | 7.2% | 4.3% | 5.9% | ||||||
READ FULL REPORT: Courtesy of (TREB)
Watch Video of Market Analysis
For information about Buyer Representation Agreements (BRA) visit samirsafadi.com
Greater Toronto Area open house listings are available on http://www.realestatesnatch.com/p/open-house-listings.html
For Media/Public Inquiries:
Mary Gallagher, Senior Manager Media Relations.
Toronto Real Estate Board 1400 Don Mills Road Toronto,
ON M3B 3N1,
Office: (416) 443-8158,
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 36,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
Read more from REAL ESTATE SNATCH Post blog:
No comments: