Toronto Real Estate Market Report – March 2014

march toronto real estate market report

By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
March 10, 2014 | © All rights reserved

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

February year over year infographic - toronto and gta

Toronto and the GTA is still seeing an undersupply of low-rise homes. This includes detached homes, semi detached homes and townhomes throughout the city. Although listings are starting to pick up, buyers are still hungry for a great home.

February saw slightly fewer listings become available through the MLS than it did in February 2013, however, home sales we’re up 2.1% during the same period.

The average price of homes sold in February was also up from 2013 by 8.6% to $553,000.

“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year”  said the Toronto real estate boards senior manager of market analysis, Jason Mercer. “Home prices, on average, will trend upwards at a pace well-above the rate of inflation.”

Summary of TorontoMLS Sales and Average Price February 1 – 28
2014 2013
Sales Average Price New Listings Sales Average Price New Listings

City of Toronto (“416”)

2,136 $599,414 4,393 2,146 $550,543 4,302

Rest of GTA (“905”)

3,595 $525,731 6,504 3,467 $483,926 6,703

GTA

5,731 $553,193 10,897 5,613 $509,396 11,005
TorontoMLS Sales & Average Price  By Home Type February 1 – 28, 2014
Sales Average Price
416 905 Total 416 905 Total

Detached

668 2,028 2,696 955,314 640,405 718,432

Yr./Yr. % Change

-8.0% 3.2% 0.1% 15.7% 10.4% 11.2%

Semi-Detached

202 388 590 668,298 425,052 508,333

Yr./Yr. % Change

-11.8% 4.0% -2.0% 8.0% 5.6% 4.9%

Townhouse

207 634 841 545,043 400,165 435,825

Yr./Yr. % Change

-8.8% -4.1% -5.3% 20.7% 7.3% 10.9%

Condo Apartment

1,031 463 1,494 372,628 290,650 347,222

Yr./Yr. % Change

9.6% 19.6% 12.5% 6.0% 3.0% 4.8%

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.