Resale Housing Market Showed an Increase in Sales in 2014
As we welcome the New Year and look toward what 2015 brings, the real estate economy seems to show a steady poise as indicated in the report published by the Toronto Real Estate Board today. TREB announces that the GTA has reported 92,867 residential sales thorough the MLS system in 2014, including 4,446 in December. 2014 sales depicted a firm 6.7 per cent increase over the 2013 sales figure of 87,049.
“TREB’s 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household’s ability to comfortably cover their monthly mortgage payments,” said Paul Etherington, President of TREB.
The Annual Sales in the City of Toronto for 2014 is 34,922 which is up from last year (sales of 32,573) by 7.21% with the average price of homes being around $610,554 in 2014, a 8.1% increase from 2013 (showing an average price of $564,659). Overall, the GTA sales show an increase of 6.6 % and the average price of homes are $566,726 for 2014, which is higher than it’s comparison in 2013 with the average price set around $522,958.
There has been a steady growth in the average selling price on a yearly basis, reflecting an 8.4 per cent increase in 2014 in comparison to the previous year’s stats with the average selling price of $566,726. This includes a 7 per cent increase in December 2014 with an average selling price of $556,602.
TREB’s Director of Market Analysis states that the strong growth in 2014 is due to listings shortage, which was evident for low-rise homes like singles, semis and town houses. He further states that quantity of buyers looking for these type of homes increased, while the number of homes on the market decreased which contributed to a competitive buyer’s market with aggressive offers.