Toronto Real Estate Board

Toronto Real Estate Board

January 07, 2015 06:00 ET

Greater Toronto REALTORS® Report Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Jan. 7, 2015) - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 92,867 residential sales through the TorontoMLS system in 2014, including 4,446 in December. The calendar year 2014 sales result represented a 6.7 per cent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.

"TREB's 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household's ability to comfortably cover their monthly mortgage payments," said Mr. Etherington.

The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 per cent increase over calendar year 2013 to $566,726. This included a seven per cent increase in the December 2014 average selling price to $556,602. Throughout 2014, annual increases in the average selling price and the MLS® HPI Composite Benchmark were consistently reported on a monthly basis for most market segments, from detached homes through to condominium apartments.

"The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers," said Jason Mercer, TREB's Director of Market Analysis.

Monthly Summary of TorontoMLS Sales and Average Price
December 1 - 31
2014 2013
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,762 $574,539 1,899 1,568 $542,155 1,692
Rest of GTA ("905") 2,684 $544,828 2,549 2,490 $506,356 2,370
GTA 4,446 $556,602 4,448 4,058 $520,189 4,062
MonthlyTorontoMLS Sales & Average Price By Home Type
December 1 - 31, 2014
Sales Average Price
416 905 Total 416 905 Total
Detached 521 1,451 1,972 934,039 668,063 738,334
Yr./Yr. % Change 17.1 % 7.3 % 9.7 % 8.0 % 6.6 % 7.7 %
Semi-Detached 128 283 411 615,794 451,314 502,539
Yr./Yr. % Change -5.9 % 24.1 % 12.9 % -4.4 % 9.9 % 0.9 %
Townhouse 174 503 677 474,874 420,105 434,181
Yr./Yr. % Change 1.8 % 5.2 % 4.3 % 5.9 % 9.4 % 8.3 %
Condo Apartment 924 368 1,292 387,612 300,352 362,758
Yr./Yr. % Change 16.1 % -1.6 % 10.4 % 5.4 % 2.2 % 5.4 %
Annual Summaryof TorontoMLS Sales and Average Price
January 1 - December 31
2014 2013
Sales Average Price Sales Average Price
City of Toronto ("416") 34,922 $610,554 32,573 $564,659
Rest of GTA ("905") 57,945 $540,313 54,476 $498,024
GTA 92,867 $566,726 87,049 $522,958

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:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com