Hi folks. A few days ago, the Toronto Real Estate Board (TREB) released its mid-month sales activity report for the first 14 days of December. According to the numbers, Toronto & the GTA saw a total of 2,496 sales during this two-week period.
It came as no surprise that this result was up by 1.9 per cent compared to the same period in December 2013.
Over the same period though, new listings were down by 1.8 per cent year over year.
The overall sentiment throughout the GTA remains upbeat about buying a home, as evidenced by the increase in sales compared to last year.
That said, however, many would-be home buyers continue to experience frustration getting into a home due to the lack of listings for some home types.
The average selling price for December mid-month transactions for the entire GTA was $565,873, which represented a year-over-year increase of 8.6 per cent.
Price growth was driven by the detached home segment of the market, primarily within the City of Toronto, which now sees average prices for such homes sitting above the $965,000 mark.
It still remains an overwhelmingly strong Sellers’ market for low-rise home types, including detached and semidetached houses and townhouses.
The condominium apartment segment of the market has been more balanced due to strong project completions, but there has been enough buyer interest to prompt condo price growth above the rate of inflation.
Toronto & GTA Sales & Average Price By Home Type December 1-14, 2014
Sales Average Price (416) (905) Total (416) (905) Total Detached 299 833 1,132 $936,761 $685,429 $751,815 Yr./Yr. % Change 7.9% 1.3% 3.0% 15.2% 7.9% 10.5% Semi-Detached 72 165 237 $660,412 $447,075 $511,886 Yr./Yr. % Change -18.2% 12.2% 0.9% 1.1% 9.0% 2.2% Townhouse 112 275 387 $491,303 $420,866 $441,251 Yr./Yr. % Change 6.7% -5.8% -2.5% 10.0% 8.5% 9.4% Condo Apartment 492 200 692 $376,845 $299,844 $354,590 Yr./Yr. % Change 8.8% -7.0% 3.7% 3.1% 2.4% 3.6%