TREB’s monthly Market Watch is out and it looks like the GTA
housing market decided against taking a March Break last month. Despite a traditionally slow time due
to the annual school holiday, the most recent resale figures show that the
housing market was as busy as ever.
Overall sales rose by 7.2% over the same month in 2013, with
8,081 sales reported through the MLS system.
“Sales activity in the GTA accelerated last month.
Compared to last year, a greater number of buyers found affordable home ownership
options, as evidenced by sales growth for all major home types. Against
this backdrop, however, overall inventory at the end of March remained lower
than last year. This means competition between buyers increased, which is
why the average selling price continued to climb,” said TREB’s President Diane
Usher.
And climb it did, as March 2014’s numbers came in almost 8
percent higher on average than 2013 in terms of sale price, hitting $557,
684. In fact the entire First
Quarter of 2014 saw significant gains for average sale price, showing an 8.5
percent increase over 2013.
With lending conditions set to remain favourable, the Spring
season that is traditionally Real Estate’s busiest could see even more
movement.
“With borrowing costs remaining low, and in fact declining,
strong home ownership demand will continue to butt up against a constrained
supply of listings. Strong price growth will be the result for the
remainder of 2014. If the pace of price growth experienced in the first
quarter is sustained, TREB may revise its outlook for the average selling
price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Summary of TorontoMLS Sales and
Average Price March 1 - 31
|
|||||||||||||
2014
|
2013
|
||||||||||||
Sales
|
Average Price
|
New Listings
|
Sales
|
Average Price
|
New Listings
|
||||||||
City of Toronto ("416")
|
2,978
|
$597,401
|
5,625
|
2,826
|
$560,661
|
5,470
|
|||||||
Rest of GTA ("905")
|
5,103
|
$534,506
|
9,204
|
4,711
|
$491,180
|
9,148
|
|||||||
GTA
|
8,081
|
$557,684
|
14,829
|
7,537
|
$517,232
|
14,618
|
|||||||
TorontoMLS Sales & Average
Price By Home Type March 1 - 31, 2014
|
|||||||||||||
Sales
|
Average Price
|
||||||||||||
416
|
905
|
Total
|
416
|
905
|
Total
|
||||||||
Detached
|
1,011
|
2,926
|
3,937
|
898,332
|
644,237
|
709,487
|
|||||||
Yr./Yr. % Change
|
6.5%
|
8.8%
|
8.2%
|
6.8%
|
9.3%
|
8.3%
|
|||||||
Semi-Detached
|
303
|
556
|
859
|
658,429
|
436,630
|
514,867
|
|||||||
Yr./Yr. % Change
|
1.0%
|
0.0%
|
0.4%
|
8.7%
|
8.4%
|
8.6%
|
|||||||
Townhouse
|
304
|
958
|
1,262
|
483,639
|
404,664
|
423,688
|
|||||||
Yr./Yr. % Change
|
2.7%
|
10.6%
|
8.6%
|
7.7%
|
9.2%
|
8.5%
|
|||||||
Condo Apartment
|
1,331
|
554
|
1,885
|
384,865
|
290,637
|
357,172
|
|||||||
Yr./Yr. % Change
|
6.9%
|
14.5%
|
9.0%
|
5.1%
|
4.3%
|
4.6%
|
|||||||
