Toronto MLS Sales Up in spring 2014

TorontoMLS Sales Up in February

TORONTO, March 5, 2014 – Toronto Real Estate Board 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.

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. A 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.

The average selling price of a home in the GTA reached $553,193 in February 2014, which is 11.3 per cent more than the average price of $509,396 reported in February 2013. The MLS® Home Price Index (HPI) Composite Benchmark, which adjusts for changes in the types of houses that are selling, was up 7.3 per cent year-over-year.

Prices were up in all market segments across the GTA. Detached homes recorded the biggest increase, at 11.2 per cent, across the GTA in February 2014. Townhouse prices were up 10.9 per cent year-over-year, followed by semi-detached homes, with growth of 4.9 per cent. Condominium apartments saw the smallest price increase, at 4.8 per cent. TREB's senior manager of market analysis, Jason Mercer, commented,

The shortfall in listings during this winter has led to multiple offers for houses listed close to or at market value. Properties that received more than five offers only signal to me that they were under-listed, causing a flurry that didn't benefit the seller or the buyer and frustrated all parties concerned. Please note that going out on multiple offers nightly, when you know there's only one buyer agent who will succeed, isn't a lot of fun for salespeople either. When you hear of houses that receive more than five offers, it's not a sign of the market as much as it is a sign of poor market research.

source toronto real estate board