TorontoMLS Sales Up in February
TORONTO, March 5, 2014 – Toronto Real Estate Board
President Dianne Usher 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
“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 Ms. 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,” Ms. Usher continued.
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
“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
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