Toronto Real Estate Board

Toronto Real Estate Board

April 07, 2015 07:00 ET

GTA REALTORS® Release Monthly Resale Housing Figures

TORONTO, ONTARIO--(Marketwired - April 7, 2015) - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,940 sales in March 2015. This result represented an 11 per cent increase compared to March 2014. Sales were up for most major home types, both in the City of Toronto and the surrounding regions. New listings were also up, but by a lesser 5.5 per cent, indicating tighter market conditions.

"Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices. However, a substantial amount of pent-up demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring," said Mr. Etherington.

In March, the average selling price for all reported transactions was $613,933 - up 10 per cent year-over-year. The MLS® HPI Composite Index, which tracks benchmark homes with the same attributes from one period to the next, was up by 7.9 per cent. Average price growth was strongest for detached homes in the City of Toronto, at 15.9 per cent. Over the same period the detached MLS® HPI in the '416' area code increased 7.8 per cent.

The MLS® HPI provides a clear indication of price growth due to market forces - the relationship between demand and supply. Comparing MLS® HPI growth to average price growth provides a sense of the changing mix of home types sold from one period to the next.

"It is clear that seller's market conditions in many parts of the GTA are driving price growth. However, looking at the detached market segment in the City of Toronto in particular, growth in the average selling price outstripped growth in the MLS® HPI. This points to the fact that the mix of detached homes sold this year compared to last has shifted towards more expensive properties," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price March 1 - 31

2015 2014
Average New Average New
Sales Price Listings Sales Price Listings
City of Toronto ("416") 3,196 $ 655,067 6,122 2,969 $ 597,918 5,594
Rest of GTA ("905") 5,744 $ 591,045 9,409 5,083 $ 534,655 9,123
GTA 8,940 $ 613,933 15,531 8,052 $ 557,982 14,717

TorontoMLS Sales & Average Price By Home Type March 1 - 31

Sales Average Price
416 905 Total 416 905 Total
Detached 1,050 3,421 4,471 $ 1,042,405 $ 709,116 $ 787,388
Yr./Yr. % Change 4.3 % 17.3 % 14.0 % 15.9 % 10.0 % 10.9 %
Semi-Detached 287 538 825 $ 723,167 $ 476,566 $ 562,353
Yr./Yr. % Change -5.3 % -2.5 % -3.5 % 9.8 % 9.2 % 9.2 %
Townhouse 328 1,040 1,368 $ 546,993 $ 438,503 $ 464,515
Yr./Yr. % Change 8.3 % 9.1 % 8.9 % 13.1 % 8.4 % 9.7 %
Condo Apartment 1,506 613 2,119 $ 398,337 $ 310,156 $ 372,827
Yr./Yr. % Change 13.5 % 10.8 % 12.7 % 3.3 % 6.7 % 4.3 %

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