Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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Toronto Market - February 2014

March 9, 2014 - Updated: March 9, 2014

The Toronto Market Reaches New Highs in February 2014

 

 Let's have a look at the recent report from the Toronto Real Estate Board:

 

TorontoMLS Sales Up in February TORONTO, March 5, 2014  –

 

Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year. 

 

Total February sales amounted to 5,731 compared to 5,613 last year. “Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month.  The sales increase was largely driven by resale condominium apartments. 

 

New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice.  This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained.  Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.

 

“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.

 

The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013.

 

 

The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per cent year-over-year.

 

“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year.  Home prices, on average, will trend upwards at a pace well-above the rate of inflation.  The impact of strong price growth on affordability will be mitigated by low borrowing costs,”

 

said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

COMMENT

 

So, what does all that mean? The real surge in sales numbers took place in the resale condo sector. There’s a good supply and a good market. That’s where the activity is.

 

Low rise houses of all types are in short supply. They’re not selling because they’re not available. This will push up those prices as they return to the market.

 

2012

December    3,690                    $478,739

 

2013

January       4,229                    $482,080

February     5,613                    $509,396

March         7,538                    $517,223

April           9,535                    $524,868

May            9,946                    $540,544

June            8,822                    $529,616

July             8,367                    $512,286

August        7,392                    $501,739

September  7,258                    $532,631

October       7,948                    $539,448

November   6,359                    $539,084

December    4,064                    $520,245

 

2014

January       4,119                    $526,508

February     5,731                    $553,193

 

You will notice that the market is now at new highs. The new average price through the previous high of $540,544 in May 2013. While it may indeed be expected to have an increase year over year, this is an indication of a rather early surge in prices.

 

The height of the market is usually sometime in May each year. Let’s see what happens with the Spring market!

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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