GTA and Toronto Real Estate Statistics

GTA and Toronto Real Estate Statistics – March 2014

April 3, 2014 - The Toronto Real Estate Board today released the March, 2014 Toronto & GTA monthly residential resale homes numbers which reflected a continuation of the trend of recent months, namely rising sales, rising prices, and contracting inventory.

Even the number of sales of Detached homes in Toronto rose strongly on a year-over-year basis: Perhaps a result of higher prices, higher Land Transfer Taxes and "the winter that wouldn't end", the Detached group's sales numbers in the city had been tailing off slightly over the past few months - though the Detached numbers in the rest of the GTA had continued to rise over the same period, with the exception of January.

Average sale prices continued their march higher - up for all of the primary property types in both Toronto and the balance of the GTA.

Specifically, the number of Detached homes sold in Toronto rose 6.5% to 1,011 versus March 2013, while the average price was up 6.8% to $898,332. In the rest of the GTA, 2,926 Detached homes sold, up 8.8%, at an average selling price of $644,237, up 9.3% compared to last March. Overall, that comes to 3,937 Detached sales, a rise of 8.2%, at an average price of $709,487, up 8.3%.

The Condo Apartment sector also enjoyed strong growth with the number of sales up 6.9% in Toronto to 1,331 units at an average price of $384,865, up 5.1% year-over-year. In the rest of the GTA, 554 Condo Apartments sold, up 14.5%, at an average price of $290,637 which represents a 4.3% rise over March of last year. Overall, those Condo Apartment numbers come to 1,885 sales [+ 9.0%] at an average price of $357,172 [+ 4.6%].

The only two negative numbers on the March chart were the "positive negatives" as far as Sellers are concerned: The total number of Active Listings fell again, down 10.0% compared to last year, and the time it took to sell a residential listing was down by 3 days to 21 [- 12.5%].

Bungalows in Toronto and the GTA as a whole continue to be very popular choices for a number of reasons, including Boomers and Seniors looking at downsizing and/or combining most of the home's amenities on one floor. Investors and Builders continue to seek out Bungalows because of the potential for expanding or re-building, in addition to Bungalows generally being conducive to the addition of a second residential unit since many have basements accessible via a separate or semi-separate entrance.

So, at least for the time being, that trend of rising sales & prices combined with lower inventory persists, and the total Toronto and GTA combined Active Listings of 16,543 divided by the month's total unit sales of 8,081 indicates "forward inventory" of about 2.05 months: Definitely a Seller's Market still as that available inventory is down about 16% compared to last March's 2.44 months of forward inventory.

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