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 Real Estate Market

November 20, 2014 - Updated: November 20, 2014

 

Toronto Market Provides Steady and Predictable Returns (November 2014)

 

I am somewhat late in getting this report out. The end of October numbers were record-breaking. The Toronto resale market reached new highs. Interestingly enough, the high water mark in October actually exceeded the high figure in May. That’s most unusual. In most cases, it’s close, but just a few percentage points under the May number. But, have a look at mid-November, we are back done to where we should be. That’s quite predictable too.

 

Let’s have a look at the Toronto Real Estate Board report for October:

 

October 2014 Sales & Average Price Up Year-Over-Year

 

TORONTO, November 5, 2014 – Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,552 sales through the TorontoMLS system in October 2014. This result represented an increase of 7.7 per cent compared to October 2013. New listings were also up on a year-over-year basis, but by a lesser 3.4 per cent.

 

“Strong growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Mr. Etherington.

The average selling price for October 2014 transactions was $587,505 – up 8.9 per cent compared to the average of $539,286 reported for October 2013. The MLS® HPI composite benchmark price was up by 8.3 per cent over the same period. Low-rise home types, including singles, semis and town houses, continued to be the driver of year-over-year growth in the average price and the MLS® HPI composite benchmark.

 

“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, particularly where low-rise home types are concerned. The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” said Jason Mercer, TREB’s Director of Market Analysis.

 

2013

                  Sales                              Average Price

January       4,230                             $482,028

February     5,615                             $509,447

March         7,536                             $517,247

April           9,537                             $524,823

May            9,945                             $540,581

June            8,821                             $529,614

July             8,367                             $512,286

August        7,391                             $501,677

September   7,257                             $532,455

October       7,941                             $539,286

November   6,354                             $538,347

December    4,058                             $520,189

 

 

2014

                   Sales                   Average Price

January      4,103                   $526,965

February    5,696                   $552,857

March        8,052                   $557,982

April          9,662                   $578,355

May           11,018                 $584,925

June           10,137                 $569,284

July            9,159                   $550,628

August       7,576                   $546,831

September 8,019                   $574,236

October      8,552                   $587,505

 

Mid month

November

 

2014           3,350                    $579,834

 

So, that’s where we are right now, $579,834 as the average price of a single family home in the GTA.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: market toronto housing real estate november 2014
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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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