GTA and Toronto Real Estate Statistics

GTA and Toronto Real Estate Statistics - October 2013

November 6, 2013 - The Toronto Real Estate Board's October, 2013 Sales Statistics are out and show that the Greater Toronto Area residential real estate market continues to rebound very strongly both in terms of units sold and average prices.

Numbers were up across the board for both sales and prices, with the exception of the number of sales of semi-detached homes in the 416 which were off 2.4% compared to October, 2012. The average sale price for "416 semi-detacheds", however, rose 11.7%.

The number of active listings was down significantly, falling 10.5% from the year-earlier period. This continuing tightening in inventory obviously contributes to the stronger sale price levels.

The only other "minus" on the statistical summary is the number of days it took for the average residence to sell, falling one day - from 29 to 28 days - or 2.6%.

Sales of Detached homes rose 23.6% to 1,125 in the 416, and 15.4% to 2,695 in the 905 for an overall increase of 17.7%. Sale prices for the Detached group rose 12.4% to $873,509 in the 416 and 6.3% to $607,849 in the 905 for an overall increase of 9.0% to $686,087.

Condo Apartments also continued their rebound from a softer market earlier in the year. In the 416, 1,347 units sold, up 20.4% from October, 2012. In the 905, 560 units sold, up 35.6%. Overall that totals 1,907 units, up 24.5%. As for average prices, the 416 figure was $384,441, up 7.2% and, in the 905, the average sale price was $295,166, up 4.3%. Overall, average selling price for the Condo Apartments group was $358,225, up 5.9% year-over-year.

As noted above, the total number of Active Listings fell 10.5% to 18,557. Dividing that inventory figure by the total units sold of 8,000 indicates a relatively tight "forward supply" of just 2.32 months.

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