Greater Toronto REALTORS(R) Report Mid Month Resale Market Figures

TORONTO, ONTARIO--(Marketwired - Jan. 16, 2015) - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 1,409 sales through the TorontoMLS system during the first 14 days of January 2015. This result was up by 9.8 per cent compared to the same period in 2014. Sales were up on a year-over-year basis for many of the low-rise home types and for condominium apartments as well.

"Despite the cold weather, home buyers remained quite active during the first two weeks of the New Year. Households continued to take advantage of the diversity of affordable housing options available throughout the Greater Toronto Area," said Mr. Etherington.

The average selling price for January mid-month transactions, at $510,532, was down slightly in comparison to the same period last year. A change in the mix of home types sold this year compared to last year during the same period accounted for the dip in the average selling price.

"A constrained supply of listings for singles, semis and town houses coupled with balanced market conditions for condominium apartments points to further growth in the average selling price in 2015. A sustained period of strong listings growth will be required to account for the pent-up demand for ownership housing in the GTA," said Jason Mercer, TREB's Director of Market Analysis.