NEWS RELEASE 

 


GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

 

TORONTO, November 6, 2013 -- Greater Toronto Area REALTORS® reported 8,000 home sales through the TorontoMLS system in October 2013 – up from 6,713 transactions reported in October 2012.  Over the same period, new listings on the TorontoMLS system were down.

 

“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.

 

Summary of TorontoMLS Sales and Average Price October 1 - 31, 2013

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%

 

 

 

 

 

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