March 5, 2014 -- Toronto Real Estate Board President
Dianne Usher announced that February 2014 home sales reported by Greater
Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last
year. Total February sales amounted to 5,731 compared to 5,613 last year.
“Despite the continuation of
inclement weather in February, we did see a moderate uptick in sales activity
last month. The sales increase was largely driven by resale condominium
apartments. New listings of resale condominium apartments were up on a
year-over-year basis, giving buyers ample choice. This is in contrast to the
listings situation for singles, semis and townhomes, where supply continued to
be constrained. Some would-be buyers had difficulty finding a home that met
their needs,” said Ms. Usher.
“If we see renewed growth in
listings for low-rise home types, the pace of sales growth will accelerate as
we move through the year,” Ms. Usher continued.
The average selling price for
February 2014 sales was up by 8.6 per cent to $553,193, compared to the average
of $509,396 reported for February 2013. The MLS® Home Price Index (HPI)
Composite Benchmark was up by 7.3 per cent year-over-year.
“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. Home prices, on average, will trend upwards at a pace well-above the rate
of inflation. The impact of strong price growth on affordability will be
mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
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