TORONTO, November 5, 2014 – Toronto Real Estate Board
President Paul Etherington announced that
Greater Toronto Area REALTORS® reported 8,552 sales through
the TorontoMLS system in October
2014. This result represented an increase of 7.7 per cent
compared to October 2013. New listings were
also up on a year-over-year basis, but by a lesser 3.4 per
cent.
“Strong growth in sales was evident across all major home
types during the first full month of fall. This
suggests that there are a lot of households across the
Greater Toronto Area who remain upbeat about
the benefits of home ownership over the long term, whether
we’re talking about first-time buyers or
existing home owners looking to change their housing
situation,” said Mr. Etherington.
The average selling price for October 2014 transactions was
$587,505 – up 8.9 per cent compared to the
average of $539,286 reported for October 2013. The MLS® HPI
composite benchmark price was up by
8.3 per cent over the same period. Low-rise home types,
including singles, semis and town houses,
continued to be the driver of year-over-year growth in the
average price and the MLS® HPI composite
benchmark.
“While sales growth has tracked strongly so far this fall,
many would-be home buyers have continued to
have difficulties finding a home due to the constrained
supply of listings in some parts of the Greater
Toronto Area, particularly where low-rise home types are
concerned. The resulting sellers’ market
conditions are forecast to drive strong price growth through
the remainder of 2014 and indeed into 2015
as well,” said Jason Mercer, TREB’s Director of Market
Analysis.
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