Toronto Real Estate Board

Toronto Real Estate Board

March 04, 2015 07:00 ET

Greater Toronto REALTORS® Report Monthly Resale Market Figures

TORONTO, ONTARIO--(Marketwired - March 4, 2015) - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 6,338 home sales through the TorontoMLS system in February 2015. This result represented a substantial 11.3 per cent year-over-year increase compared to February 2014. Large annual increases in transactions were noted for most major home types, in the City of Toronto and surrounding GTA regions.

"Even with the record low temperatures last month, we still saw an increase in the number of people purchasing homes in the GTA. This speaks to the importance households place on home ownership and the fact that buyers continue to view ownership housing as a quality long-term investment in which they can live," said Mr. Etherington.

The overall supply of homes for sale, as measured by the count of active listings at the end of February 2015, was down by 8.7 per cent compared to the same count in February 2014. This means that market conditions became tighter, leading to more competition between buyers.

The overall average selling price for February 2015 home sales was $596,163 - up by 7.8 per cent compared to the average for February 2014. Driving this increase was the detached market segment. In the City of Toronto, the average detached selling price moved above $1 million dollars for the first time in a calendar month.

"The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price February 1-28

2015 2014
Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
City of Toronto ("416") 2,370 $ 630,858 4,211 2,123 $ 599,262 4,357
Rest of GTA ("905") 3,968 $ 575,441 6,292 3,573 $ 525,288 6,451
GTA 6,338 $ 596,163 10,503 5,696 $ 552,859 10,808

TorontoMLS Sales & Average Price By Home Type February 1-28

Sales Average Price
416 905 Total 416 905 Total
Detached 774 2,271 3,045 1,040,018 694,285 782,166
Yr./Yr. % Change 16.9 % 12.9 % 13.9 % 8.9 % 8.5 % 8.9 %
Semi-Detached 198 402 600 702,035 474,292 549,447
Yr./Yr. % Change -1.5 % 3.6 % 1.9 % 4.9 % 11.6 % 8.1 %
Townhouse 228 722 950 507,843 433,127 451,059
Yr./Yr. % Change 10.7 % 14.6 % 13.6 % -7.0 % 8.0 % 3.3 %
Condo Apartment 1,153 482 1,635 369,655 322,055 355,623
Yr./Yr. % Change 12.4 % 4.6 % 10.0 % -0.9 % 10.9 % 2.4 %

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 40,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

Contact Information

  • Media Inquiries: Toronto Real Estate Board
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com