Greater Toronto REALTORS(R) Report Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwired - Jan. 7, 2015) - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 92,867 residential sales through the TorontoMLS system in 2014, including 4,446 in December. The calendar year 2014 sales result represented a 6.7 per cent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.

"TREB's 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household's ability to comfortably cover their monthly mortgage payments," said Mr. Etherington.

The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 per cent increase over calendar year 2013 to $566,726. This included a seven per cent increase in the December 2014 average selling price to $556,602. Throughout 2014, annual increases in the average selling price and the MLS® HPI Composite Benchmark were consistently reported on a monthly basis for most market segments, from detached homes through to condominium apartments.

"The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers," said Jason Mercer, TREB's Director of Market Analysis.

Monthly Summary of TorontoMLS Sales and Average Price
	December 1 - 31
	2014			2013
	Sales	Average Price	New Listings	Sales	Average Price	New Listings
City of Toronto ("416")	1,762	$574,539	1,899	1,568	$542,155	1,692
Rest of GTA ("905")	2,684	$544,828	2,549	2,490	$506,356	2,370
GTA	4,446	$556,602	4,448	4,058	$520,189	4,062

MonthlyTorontoMLS Sales & Average Price By Home Type
		December 1 - 31, 2014
		Sales						Average Price
		416		905		Total		416		905		Total
Detached		521		1,451		1,972		934,039		668,063		738,334
	Yr./Yr. % Change	17.1	%	7.3	%	9.7	%	8.0	%	6.6	%	7.7	%
Semi-Detached		128		283		411		615,794		451,314		502,539
	Yr./Yr. % Change	-5.9	%	24.1	%	12.9	%	-4.4	%	9.9	%	0.9	%
Townhouse		174		503		677		474,874		420,105		434,181
	Yr./Yr. % Change	1.8	%	5.2	%	4.3	%	5.9	%	9.4	%	8.3	%
Condo Apartment		924		368		1,292		387,612		300,352		362,758
	Yr./Yr. % Change	16.1	%	-1.6	%	10.4	%	5.4	%	2.2	%	5.4	%

Annual Summaryof TorontoMLS Sales and Average Price
	January 1 - December 31
	2014		2013
	Sales	Average Price	Sales	Average Price
City of Toronto ("416")	34,922	$610,554	32,573	$564,659
Rest of GTA ("905")	57,945	$540,313	54,476	$498,024
GTA	92,867	$566,726	87,049	$522,958

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 40,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.