Toronto Real Estate Board

Toronto Real Estate Board

October 16, 2013 11:30 ET

GTA REALTORS® Release Mid-Month Resale Housing Figures

TORONTO, ONTARIO--(Marketwired - Oct. 16, 2013) - Greater Toronto Area REALTORS® reported 3,460 sales through the TorontoMLS system during the first 14 days of October 2013. This result was up by 21 per cent in comparison to 2,849 sales reported during the same period in 2012. October mid-month sales were also up by 13 per cent compared to the 10-year average.

"With October mid-month sales well-above the 10-year average, it seems clear that we have more than recovered from the temporary dip in residential transactions that resulted from the onset of stricter mortgage lending guidelines," said Toronto Real Estate Board President Dianne Usher.

"It is also important to note that the supply of ground-oriented listings remains constrained, due in part to the additional land transfer tax and stricter lending guidelines. If this were not the case, the number of sales could have been greater because more households would have been able find a home to purchase," continued Ms. Usher.

The average selling price for October mid-month transactions was $536,301 - up 7.3 per cent compared to the first 14 days of October 2012.

"Price growth has been stronger in the second half of 2013, as sales growth has outstripped growth in listings. There have been more buyers competing for available properties compared to the first half of the year, which has led to increased upward pressure on average selling prices," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price
October 1 - 14
2013 2012
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,381 $ 589,828 2,286 1,118 $ 535,058 2,764
Rest of GTA ("905") 2,079 $ 500,745 3,522 1,731 $ 476,823 3,707
GTA 3,460 $ 536,301 5,808 2,849 $ 499,675 6,471
TorontoMLS Sales & Average Price By Home Type
October 1 - 14, 2013
Sales Average Price
416 905 Total 416 905 Total
Detached 502 1,181 1,683 840,396 603,149 673,915
Yr./Yr. % Change 28.7 % 18.1 % 21.1 % 8.2 % 6.0 % 7.4 %
Semi-Detached 140 211 351 630,760 413,586 500,208
Yr./Yr. % Change 5.3 % 15.9 % 11.4 % 10.4 % 5.1 % 6.7 %
Townhouse 142 401 543 498,480 367,660 401,871
Yr./Yr. % Change 24.6 % 20.8 % 21.7 % 14.4 % 3.4 % 6.9 %
Condo Apartment 582 236 818 391,180 314,109 368,945
Yr./Yr. % Change 22.0 % 31.8 % 24.7 % 10.7 % 11.0 % 10.4 %

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 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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