It appears that the GTA’s recent inventory freeze has
started to thaw, as TREB released its mid-month market report for
February. Thus far, 2,767
properties have been sold in the first two weeks of February, up 1.3% from the
same period last year.
The average sale price of GTA homes was up 7.8 per cent to
$547,107 from the $507,474 recorded in the first two weeks of February 2013.
“Sales
growth has rebounded so far in February after a slow start to the year in
January. While new listings were still down in comparison to last year,
the annual rate of decline was less than experienced last month. This may
point to an improvement in the listings situation moving forward, which would
help alleviate some of the pent-up demand that currently exists in the marketplace,"
said TREB President Dianne Usher.
Even
though new listings were still down 6.1%, it was a far cry from the 16.6%
decrease that the GTA endured in January, possibly due in part to the fierce
winter weather that gripped Ontario over that period. Luckily, along with slightly milder temperatures,
Torontonians thinking about listing their detached homes can also look forward
to record value, as the sales in that segment jumped 15.2%.
"Price
growth well above the rate of inflation will be the norm for the remainder of
the year. Over the same period, mortgage rates are expected to remain
low, thereby keeping home ownership affordable in the GTA," said Jason
Mercer, TREB's Senior Manager of Market Analysis.
|
Summary of
TorontoMLS Sales and Average Price February 1 - 14, 2014
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2014
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2013
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Sales
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Average Price
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New Listings
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Sales
|
Average Price
|
New Listings
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City of Toronto
("416")
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1,038
|
594,129
|
2,084
|
1,060
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554,294
|
2,202
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Rest of GTA
("905")
|
1,729
|
518,877
|
3,111
|
1,671
|
477,774
|
3,331
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GTA
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2,767
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547,107
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5,195
|
2,731
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507,474
|
5,533
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TorontoMLS Sales & Average
Price By Home Type February 1 - 14, 2014
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Sales
|
Average Price
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416
|
905
|
Total
|
416
|
905
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Total
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Detached
|
325
|
978
|
1,303
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$942,066
|
$634,146
|
$710,949
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Yr./Yr. % Change
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-12.4%
|
4.7%
|
-0.2%
|
15.2%
|
10.2%
|
10.4%
|
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Semi-Detached
|
84
|
197
|
281
|
$685,111
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$419,972
|
$499,230
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Yr./Yr. % Change
|
-23.6%
|
15.2%
|
0.0%
|
9.6%
|
4.7%
|
2.1%
|
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Townhouse
|
96
|
300
|
396
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$568,894
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$384,468
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$429,177
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Yr./Yr. % Change
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-15.0%
|
-6.8%
|
-9.0%
|
27.4%
|
2.2%
|
8.8%
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Condo Apartment
|
521
|
219
|
740
|
$373,576
|
$287,433
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$348,082
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Yr./Yr. % Change
|
15.8%
|
5.8%
|
12.6%
|
5.0%
|
4.2%
|
5.3%
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