Toronto Real Estate Market Report – February 2014

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By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
February 5, 2014 | © All rights reserved

vaughan real estate agentThe Numbers are in! See our ‘Toronto Real Estate Market Report’ for the latest figures on Toronto, Vaughan and Thornhill’s Resale Housing Market.

SUPPLY IS LOW AND DEMAND IS HIGH! Yes, I did have to put that all in caps because this January was unlike any other in recent memory. You could definitely say the Spring market has started, or at least from the buyers end it has… sellers are still slow to show.

January saw 16% fewer listing come on MLS than it did in January of 2013 which as you could imagine has put upward pressure on home prices.

“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale. This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.

Homes sold in January 2014 averaged $526,500, which is up a whopping 9% over January 2013.

“The pace of price growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices. At the same time, mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price January 1 – 31
2014 2013
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 1,551 $552,395 3,610 1,515 $509,502 4,189
Rest of GTA (“905”) 2,584 $511,001 5,212 2,714 $466,772 6,388
GTA 4,135 $526,528 8,822 4,229 $482,080 10,577
TorontoMLS Sales & Average Price  By Home Type January 1 – 31, 2014
Sales Average Price
416 905 Total 416 905 Total
Detached 463 1,413 1,876 888,210 620,654 686,688
Yr./Yr. % Change -4.3% -6.5% -6.0% 14.8% 10.5% 12.0%
Semi-Detached 134 287 421 622,319 416,441 481,970
Yr./Yr. % Change -5.0% -8.9% -7.7% 6.1% 6.3% 6.6%
Townhouse 174 503 677 439,401 396,320 407,393
Yr./Yr. % Change 7.4% 0.0% 1.8% 4.6% 10.4% 9.0%
Condo Apartment 767 319 1,086 366,020 299,118 346,369
Yr./Yr. % Change 7.4% 1.6% 5.6% 7.6% 11.2% 8.7%

If you have any questions about this ‘Toronto Real Estate Market Report’ or would like some information about the TorontoVaughan or Thornhill real estate market, feel free to contact me.

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IMG_0080 bwIlan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team.

You can find him on LinkedIn, Twitter, YouTube and Google+.

For over 10 years, Ilan has provided more than 1550 buyers and sellers valued advice and service, enabling them to reach their real estate goals.

He’s kind of like the Bruce Willis of real estate.

 

 

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