GTA and Toronto Real Estate Statistics

GTA and Toronto Real Estate Statistics – January 2014

February 5, 2014 - The Toronto Real Estate Board today reported Residential Sales Statistics for the Greater Toronto Area showing a continuation of the recent trend, namely falling inventory levels and rising prices compared to the same period one year earlier.

The total number of sales reported via the TorontoMLS System was down 2.2% - from 4,229 to 4,135 in January compared to January, 2013. While Detached and Semi-Detached sales fell, sales of Townhomes and Condominium Apartments rose. Average selling prices were up significantly for all four of these housing types.

In the 416, 463 Detached sales were reported, down 4.3%, and in the 905, 1,413 Detached sales were reported, down 6.5% from the year-earlier period. Average sale price for the Detached group was $888,210 in the 416 - up 14.8%; that figure was $620,654 in the 905 area - a rise of 10.5%. The total for Detached sales overall, year-over-year, was 1,876 sales [off 6.0%] at an average sale price of $686,688 [up 12.0%]. Bungalows in Toronto and the Greater Toronto Area continued to be a very popular lifestyle choice for Buyers.

Condo Apartments also continued to show strength in both the number of sales and average prices. There were 767 units sold in the 416 [up 7.4%] and 319 sales in the 905 [up 1.6%]. Average selling price was $366,020 in the 416 [up 7.6%] and $299,118 in the 905 [up 11.2%]. Overall, that year-over-year total for the Condo Apartment group came to 1,086 units sold [up 5.6%] at an average price of $346,369 [up 8.7%].

Obviously the lower price points for condos and townhomes contribute to their popularity, and the continuing trend of tightening inventory plays a significant factor in prices overall in the TREB MLS area. In fact, the total number of available listings again fell hard, down to 11,903 from the 14,231 properties for sale in January, 2013 - a drop of 16.4%.

Available listings versus monthly sales indicates a "forward inventory" of 2.88 months.

The average time it took to sell a residence on the TorontoMLS System was 36 days in January [37 days in January last year.].

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