GTA and Toronto Real Estate Statistics

GTA and Toronto Real Estate Statistics – February 2014

March 5, 2014 - Home sales by Greater Toronto Area Realtors® were reported today by the Toronto Real Estate Board for the month of February, 2014, reflecting an overall rise of 2.1% to 5,731 units sold compared to February, 2013's 5,613. While interest rates stayed low, the temperature - for the most part - stayed lower: It's likely that the weather "dampened" activity to some degree.

Overall, the average selling price rose 8.6% to $553,193 from last February's average of $509,396.

Contributing to the rise in sale price was the continuation toward tighter listing inventory as the number of Active Listings fell a further 12.2% to 14,019. Last February, that figure was just shy of 16,000 available homes in the GTA. Taking the number of homes available and dividing it by that 5,731 units sold indicates a relatively tight "Forward Inventory" of 2.45 months.

After Condo Apartment sales softened in the early part of last year, they continued to rebound strongly last month. The number of units sold in the 416 rose 9.6% to 1,031 at an average price of $372,628, up 6% year-over-year. In the 905, unit sales jumped 19.6% to 463, while the average sale price rose 3% to $290,650. Overall, those Condo Apartment numbers came to 1,494 units sold, up 12.5%, at an average sale price of $347,222, up 4.8%. Again, all figures are year-over-year comparisons - the most logical approach to monitor trends, simply because of the wide seasonal fluctuations in residential real estate.

The number of sales of Detached homes fell 8% in the 416 to 668 units, though the average sale price rose 15.7% to $955,314. The numbers in the 905 were 2,028 units, up 3.2%, at an average sale price of $640,405, up 10.4%. Overall, the Detached group's figures came to 2,696 sales, up 0.1%, at an average price of $718,432, up 11.2%.

Those overall numbers - including all types of housing in all TREB areas - as noted above came to 5,731 units sold, up 2.1%. The overall average price came in at $553,193, up 8.6%.The average time it took to sell was 26 days in February, 7.1% faster than the year-earlier period.Apologies for the late post: Sought refuge in the south last week. Look for the mid-Month sales figures to be posted here in the next couple of days...

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Dec 19, 2018