With Total Active Listings still below year-earlier levels [down 5.7%]

November 5, 2014 - Residential resale market statistics released today by The Toronto Real Estate Board reflect continued strong growth in terms of both the number of sales and average selling prices.

With Total Active Listings still below year-earlier levels [down 5.7%], the continuing "Seller's Market" conditions are making it difficult for some would-be buyers to find and purchase a suitable home in some areas.

There were 1,199 sales of Detached homes in Metropolitan Toronto last month, up 7.8% compared to last October, at an average sale price of $951,746, up 8.7%. In the balance of the Greater Toronto Area, or "The 905" as some refer to it, Detached home sales were up 10.8% to 2,964 at an average sale price of $672,929, up 10.6% versus the year-earlier period.

Looking at both Toronto and the GTA, the strongest growth in terms of number of sales was in the Semi-Detached group within Metro Toronto, up 14.7% to 375 sales - likely due in part to the lower price point. In terms of average sale price, the strongest jump was seen in Detached homes in the "905" - up 10.6% year-over-year. Again, the lower price point as compared to Toronto itself was, no doubt, a factor, combined with the relatively tight supply of inventory.

Bungalows all over Toronto and the GTA continue to be very popular, usually selling at a premium compared to other styles of home, and often selling very quickly.

Because of the tight market conditions, TREB is forecasting continued above-average growth in prices into 2015.

Condo Apartments have also continued to do well after last year's mid-year swoon - despite some industry watchers predicting a slowdown due to over-supply - though price growth was not as strong as was seen in other groups. In Toronto, 1,455 units sold, up 8.2% year-over-year, at an average price of $390,430, up just 1.5%. In the balance of the GTA, the numbers were 578 sales, up 3.6%, at an average price of $308,919, up 4.6%.

Overall, combining all property types [residential], year-over-year sales rose 7.7% to 8,552 at an average price of $587,505, up 8.9%.

The time it took to sell a home in the GTA was 25 days, or "7.4% faster" than October, 2013's 27 days.

Canada Mortgage and Housing Corp. [CMHC] released the Fall, 2014 edition of it's "Housing Market Outlook" forecasting:
- a rise in housing starts in 2015, followed by a moderation thereof in 2016;
- rising labour market employment helping home sales in 2015;
- rising mortgage rates would dampen sales in 2016;
- a modest rise in the number of listings, helping to restore some balance to the resale home market in terms of available inventory.

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Dec 19, 2018