Monthly Report on Greater Toronto Real Estate

GTA REALTORS® REPORT MONTHLY RESALE MARKET FIGURES

TORONTO, February 4, 2015 — Toronto Real Estate Board President Paul Etherington announced a strong start to 2015, with robust year-over-year sales and average price growth in January. Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1 per cent increase over January 2014. During the same period, new listings were up by 9.5 per cent. 

“The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs,” said Mr. Etherington.

The average selling price for January 2015 home sales was up by 4.9 per cent year-over-year to $552,575. The MLS® Home Price Index (HPI) Composite benchmark was up by 7.5 percent compared to January 2014. 

“Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well,” said Jason Mercer, TREB’s Director of Market Analysis.

Summary of TorontoMLS Sales and Average Price January 1 – 31
2015 2014
Sales Average Price New Listings Sales Average Price New Listings

City of Toronto (“416”)

1,561 $581,477 3,912 1,540 $551,841 3,586

Rest of GTA (“905”)

2,794 $536,428 5,684 2,563 $512,018 5,176

GTA

4,355 $552,575 9,596 4,103 $526,965 8,762
TorontoMLS Sales & Average Price  By Home Type January 1 – 31
Sales Average Price
416 905 Total 416 905 Total

Detached

451 1,545 1,996 948,713 648,233 716,127

Yr./Yr. % Change

-2.0% 10.0% 7.1% 7.0% 4.2% 4.2%

Semi-Detached

128 290 418 667,452 455,653 520,510

Yr./Yr. % Change

-3.8% 2.8% 0.7% 7.2% 9.4% 7.8%

Townhouse

155 518 673 502,267 421,443 440,058

Yr./Yr. % Change

-9.9% 4.2% 0.6% 14.5% 6.2% 8.0%

Condo Apartment

809 392 1,201 382,458 310,045 358,823

Yr./Yr. % Change

6.2% 23.3% 11.2% 4.5% 3.6% 3.6%
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