By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
March 10, 2014 | © All rights reserved
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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.
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 Toronto, Vaughan or Thornhill real estate market, feel free to contact me.
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CONTACT ILAN NOW FOR A MORE PERSONALISED SEARCH EXPERIENCE!
Ilan 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.