October strong again in both sales and price gains
Toronto Real Estate Board President Paul Etherington announced that residential sales reported through the Toronto MLS system during the first 14 days of October were up by 12.2% compared to the same period in 2013. Over the same period, new listings entered into TorontoMLS were up by a lesser 5.9%.
“We have seen a strong hand-off from the third quarter into the fourth quarter, as sales for all major home types were up. This suggests that a great diversity of home buyers remain active in today’s market, from first-time buyers looking for affordable home ownership options through to high income households looking to purchase a luxury property,” said Mr. Etherington.
The average selling price for sales during the first two weeks of October was $583,719 – up by 8.8% compared to the same period in 2013. Overall price growth continued to be driven by the low-rise market segments, including detached and semi-detached houses and townhouses.
“Strong annual rates of price growth for low-rise home types were sustained, as sales growth continued to outpace growth in new listings. Sellers’ market conditions are expected to remain in place for the remainder of 2014 and into 2015 as well. This means that high single-digit rates of price growth for singles, semis and townhouses will likely remain the norm over the next few months,” said Jason Mercer, TREB’s Director of Market Analysis.
Summary of TorontoMLS Sales and Average Price October 1-14, 2014
City of Toronto (“416”)
2014 Sales: 1,483 | Average Sales: 628,458 | New Listings: 2,547
2013 Sales: 1,334 | Average Sales: 589,541 | New Listings: 2,266
Rest of GTA (“905”)
2014 Sales: 2,267 | Average Sales: 554,452 | New Listings: 3,538
2013 Sales: 2,009 | Average Sales: 501,474 | New Listings: 3,481
All of the GTA
2014 Sales: 3,750 | Average Sales: 583,719 | New Listings: 6,085
2013 Sales: 3,343 | Average Sales: 536,617 | New Listings: 5,747
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Contact Laurin Jeffrey for more information – 416-388-1960
Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.
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