Toronto Real Estate Board

Toronto Real Estate Board

December 04, 2014 07:00 ET

Toronto Realtors® Release November Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Dec. 4, 2014) - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 6,519 residential transactions through the TorontoMLS system in November 2014. This result was up by 2.6 per cent compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent compared to the same period in 2013.

While the trend of year-over-year sales growth continued, the supply of listings remained constrained, with active listings at the end of November down in comparison to last year.

"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment," stated Mr. Etherington.

The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936. The year- to-date average price was up by 8.4 per cent to $567,198. The MLS® Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year earlier.

"The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015," said Jason Mercer, TREB's Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price November 1 - 30
2014 2013
Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
City of Toronto ("416") 2,661 $616,130 3,823 2,518 $590,267 3,826
Rest of GTA ("905") 3,858 $551,592 4,966 3,836 $504,266 5,455
GTA 6,519 $577,936 8,789 6,354 $538,347 9,281
TorontoMLS Sales & Average Price By Home Type November 1 - 30, 2014
Sales Average Price
416 905 Total 416 905 Total
Detached 904 2,164 3,068 935,122 672,825 750,112
Yr./Yr. % Change -0.3% -0.8% -0.6% 9.4% 10.6% 10.2%
Semi-Detached 261 389 650 667,178 449,429 536,864
Yr./Yr. % Change -2.2% -6.3% -4.7% 4.2% 7.1% 6.1%
Townhouse 271 740 1,011 503,349 410,897 435,679
Yr./Yr. % Change 9.3% 4.5% 5.8% 6.3% 8.6% 8.1%
Condo Apartment 1,199 468 1,667 394,225 310,220 370,641
Yr./Yr. % Change 11.2% 8.1% 10.3% 2.0% 11.8% 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:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com