TORONTO, March 5, 2014 -- Toronto Real Estate Board President Dianne Usher commented 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 Feb sales amounted to 5,731 compared to 5,613 last year.
"Despite the continuance of unpleasant weather in February, we probably did see a moderate uptick in sales activity last month. New listings of resale condominium residences were up on a year-over-year basis, giving consumers ample choice. The sales increase was mostly driven by resale condominium flats. Some would-be buyers had difficulty finding a home that met their needs," said Ms. This is in sharp relief to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Usher.
The average selling price for Feb 2014 sales was up by 8.6 percent to $553,193, compared to the average of $509,396 reported for Feb 2013. Usher continued. The MLS Home Price Index ( HPI ) Composite Baseline was up by 7.3 % year-over-year.
"While the powerful price growth experienced during the last year should prompt a change in the supply of lists, sellers' market conditions will continue to overcome this year. Home costs, on average, will trend upwards at a pace well-above the rate of inflation. The impact of powerful price growth on price will be mitigated by low borrowing costs," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"Despite the continuance of unpleasant weather in February, we probably did see a moderate uptick in sales activity last month. New listings of resale condominium residences were up on a year-over-year basis, giving consumers ample choice. The sales increase was mostly driven by resale condominium flats. Some would-be buyers had difficulty finding a home that met their needs," said Ms. This is in sharp relief to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Usher.
The average selling price for Feb 2014 sales was up by 8.6 percent to $553,193, compared to the average of $509,396 reported for Feb 2013. Usher continued. The MLS Home Price Index ( HPI ) Composite Baseline was up by 7.3 % year-over-year.
"While the powerful price growth experienced during the last year should prompt a change in the supply of lists, sellers' market conditions will continue to overcome this year. Home costs, on average, will trend upwards at a pace well-above the rate of inflation. The impact of powerful price growth on price will be mitigated by low borrowing costs," said Jason Mercer, TREB's Senior Manager of Market Analysis.
