Toronto Real Estate Board

Toronto Real Estate Board

November 06, 2013 07:00 ET

GTA REALTORS® 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.

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