Greater Toronto REALTORS(R) Report Mid Month Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - May 16, 2014) - Toronto Real Estate Board President Dianne Usher announced that "Sales reported by Greater Toronto REALTORS® were up strongly during the first two weeks of May in comparison to the same time last year. However, new listings were down slightly over the same period, which means competition between buyers continued to increase and price growth remained very strong."

There were 5,185 sales reported through the TorontoMLS system during the first two weeks of May 2014. This result was up by 19.6 per cent in comparison to the first 14 days of May 2013. Sales increased for low rise home types, including single-detached and semi-detached homes and townhouses, as well as for condominium apartments.

The growth in sales was also widespread geographically, with the number of transactions up in the City of Toronto and surrounding regions.

The average selling price for the first two weeks of May was $590,132 - up 8.9 per cent compared to the average of $542,074 reported for transactions during the same period in May 2013.

Price growth was strongest for detached homes in the City of Toronto, where demand remained very strong relative to the short supply of listings. While the condominium apartment market segment remained well-supplied, there was enough demand to prompt above-inflation price growth.

"While tight market conditions continue to prompt strong year-over-year increases in the average selling price, it is important to point out that the monthly cost of home ownership - mortgage principal and interest, property taxes and utilities - has not trended upward as strongly. Strong price growth has been mitigated to a large degree by low borrowing costs," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price - May 1 - 14, 2014

			2014						2013
	Sales		Average Price		New Listings		Sales		Average Price		New Listings
City of Toronto ("416")	1,930		$663,787		3,514		1,654		$595,257		3,474
Rest of GTA ("905")	3,255		$546,460		5,446		2,682		$509,275		5,613
GTA	5,185		$590,132		8,960		4,336		$542,074		9,087

		TorontoMLS Sales & Average Price By Home Type May 1 - 14, 2014
				Sales								Average Price
		416		905		Total			416			905			Total
Detached		738		1,922		2,660			966,867			649,839
	Yr./Yr. % Change	20.2	%	24.3	%	23.1	%		13.0	%		6.2	%		737,796
Semi-Detached		221		360		581			706,903			448,228			8.3	%
	Yr./Yr. % Change	11.6	%	24.1	%	19.1	%		11.5	%		8.8	%		546,622
Townhouse		225		578		803			498,254			407,573			8.9	%
	Yr./Yr. % Change	26.4	%	16.5	%	19.1	%		9.4	%		6.5	%		432,982
Condo Apartment		728		321		1,049			398,823			303,703			7.8	%
	Yr./Yr. % Change	12.2	%	16.7	%	13.5	%		5.4	%		6.2	%		369,716

www.twitter.com/TREBhome

www.facebook.com/TorontoRealEstateBoard

www.youtube.com/TREBChannel

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 39,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.