TORONTO, November 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.
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.
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