GTA REALTORS(R) Release Monthly Resale Market Figures

TORONTO, ONTARIO--(Marketwired - Nov. 6, 2013) - Greater Toronto Area REALTORS® reported 8,000 home sales through the TorontoMLS system in October 2013 - up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.

"The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained," said Toronto Real Estate Board President Dianne Usher.

"The supply of listings for many home types and price points has either been down year-over-year or at least not up by the same annual rate as sales. The additional Land Transfer Tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list," continued Ms. Usher.

The average selling price for TorontoMLS sales in October 2013 was $539,058 - up by more than seven per cent in comparison to the average price of $502,127 in October 2012. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.5 per cent year-over-year.

"Growth in the average selling price and the MLS® HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price October 1 - 31, 2013
	2013					2012
	Sales		Average Price		New Listings	Sales		Average Price		New Listings
City of Toronto ("416")	3,190		$	593,807	5,349	2,673		$	538,120	5,837
Rest of GTA ("905")	4,810		$	502,748	7,761	4,040		$	478,313	7,848
GTA	8,000		$	539,058	13,110	6,713		$	502,127	13,685

TorontoMLS Sales & Average Price By Home Type October 1 - 31, 2013
		Sales						Average Price
		416		905		Total		416		905		Total
Detached		1,125		2,695		3,820		873,509		607,849		686,087
	Yr./Yr. % Change	23.6	%	15.4	%	17.7	%	12.4	%	6.3	%	9.0	%
Semi-Detached		331		514		845		642,112		417,124		505,255
	Yr./Yr. % Change	-2.4	%	15.5	%	7.8	%	11.7	%	6.7	%	7.4	%
Townhouse		355		915		1,270		473,240		378,688		405,118
	Yr./Yr. % Change	26.3	%	20.7	%	22.2	%	4.0	%	6.0	%	5.5	%
Condo Apartment		1,347		560		1,907		384,441		295,166		358,225
	Yr./Yr. % Change	20.4	%	35.6	%	24.5	%	7.2	%	4.3	%	5.9	%

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.

Get the latest real estate news and Market Watch information including market watch summary video

www.twitter.com/TREBhome

www.facebook.com/TorontoRealEstateBoard

www.youtube.com/TREBChannel