GREATER TORONTO REALTORS® REPORT LATEST MONTHLY RESALE MARKET FIGURES
TORONTO, April 3, 2014 – Toronto Real Estate Board President Dianne Usher announced that Greater
Toronto Area REALTORS® reported strong year-over-year increases in TorontoMLS home sales and the
average selling price in March 2014. Home ownership affordability, backstopped by low borrowing costs,
continued to be a key factor underlying this growth.
A total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in comparison to March 2013.
Sales growth was much stronger in March compared to the first two months of the first quarter. Sales for
Q1 as a whole were up by three per cent compared to the first three months of 2013.
“Sales activity in the GTA accelerated last month. Compared to last year, a greater number of buyers
found affordable home ownership options, as evidenced by sales growth for all major home types.
Against this backdrop, however, overall inventory at the end of March remained lower than last year. This
means competition between buyers increased, which is why the average selling price continued to climb,”
said Ms. Usher.
The average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent
compared to the average reported for March 2013. The average price for the first quarter of 2014 was up
by 8.5 per cent year-over-year.
“With borrowing costs remaining low, and in fact declining, strong home ownership demand will continue
to butt up against a constrained supply of listings. Strong price growth will be the result for the remainder
of 2014. If the pace of price growth experienced in the first quarter is sustained, TREB may revise its
outlook for the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
King City real estate, Kleinburg real estate, Vaughan real estate, and Richmond Hill real estate is in high demand. Interest Rates are still low, and there are a shortage of listings in some areas. If you were on the market previously, and didn't sell, try it now. Please take a look at the local market information statistics under the “Helpful Information” tab at the top of your screen and then click Local Market Information.
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