TREB Releases GTA Resale Housing Market Figures for February 2014
By Lucas on Mar 06, 2014
Recently, the Toronto Real Estate Board (TREB) released a report on the Greater Toronto Area’s (GTA) resale housing market figures for February 2014.
GTA resale transactions
According to, GTA REALTORS there were 5,731 resale transactions through the MLS system in February 2014, which is 2.1% higher than the same time last year (5,613 resales).
“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 TREB President Dianne 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.”
The top selling home type for the resale market in February was detached homes with 2,696 sales. Condo units took second with 1,494 sales, townhomes came in third with 841, and semis sold the least with only 590.
Average resale price in the GTA
For February 2014, the average selling price for the resale market was $553,193, which is an 8.6% gain compared to February 2013 ($509,396).
The 416 area saw 2,136 sales and the average selling price was $599,414. The 905 had 3,595 sales and the average price was $525,731.
The most expensive home type in February was detached, with an average selling price of $718,432. The most affordable home type was condo units, with an average selling price of $347,222.
“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.
