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TREB: Mid-Month Numbers Reveals a Market on Fire

The Toronto Real Estate Board (TREB) released its latest stats for the first two weeks of February, and there seems to be no slowdown in sight. In short, more homes were sold for higher prices than the year prior over the two week span.

Firstly, the number of sales came in at 3,120 homes during the first two weeks, which is a 14.9% increase compared to the same period last year.

“As households continue to take advantage of the great diversity of home ownership options in the Greater Toronto Area, home sales have continued to trend upwards.  While home prices are higher compared to this time last year, borrowing costs are lower.  Home buyers are still finding affordable options to meet their housing needs,” said TREB President Paul Etherington.

Home prices also continued its trend up, with an average price of $602,110, which represents a 10.3% increase, over the same period in 2014. Home price gains are led by detached homes.

“With tight market conditions continuing to prevail in most parts of the Greater Toronto Area, especially where low-rise home types are concerned, it is no surprise that we continue to see strong competition between buyers leading to robust annual rates of price growth,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price February 1 – 14, 2015
2015 2014
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 1,174 642,116 2,178 1,011 592,822 2,061
Rest of GTA (“905”) 1,946 577,975 3,135 1,704 518,212 3,070
GTA 3,120 602,110 5,313 2,715 545,995 5,131
TorontoMLS Sales & Average Price  By Home Type February 1 – 14, 2015
Sales Average Price
416 905 Total 416 905 Total
Detached 386 1,113 1,499 $1,056,238 $697,417 $789,815
Yr./Yr. % Change 25.3% 16.2% 18.4% 10.9% 9.9% 10.9%
Semi-Detached 95 202 297 $717,556 $475,894 $553,194
Yr./Yr. % Change 18.8% 4.7% 8.8% 3.4% 13.2% 10.5%
Townhouse 116 380 496 $510,839 $438,968 $455,777
Yr./Yr. % Change 23.4% 27.1% 26.2% -9.9% 14.1% 6.4%
Condo Apartment 564 212 776 $373,934 $309,930 $356,448
Yr./Yr. % Change 8.9% -3.2% 5.3% -0.1% 7.8% 2.3%

 

TorontoMLS Sales & Average Price  By Home Type January 1 – 14, 2015
Sales Average Price
416 905 Total 416 905 Total
Detached 122 487 609 $859,672 $621,872 $669,510
Yr./Yr. % Change 7.0% 14.6% 13.0% -4.2% -2.5% -3.4%
Semi-Detached 37 95 132 $575,564 $455,663 $489,272
Yr./Yr. % Change -2.6% 14.5% 9.1% -2.0% 4.9% 1.4%
Townhouse 50 147 197 $462,223 $414,225 $426,407
Yr./Yr. % Change -12.3% -7.0% -8.4% 5.5% 5.8% 5.6%
Condo Apartment 300 150 450 $362,471 $301,981 $342,307
Yr./Yr. % Change 11.9% 30.4% 17.5% -0.7% -2.0% -1.6%
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