TREB Housing Market Charts For May 2014 from Andrew Doumont Toronto Real Estate Board President Dianne Usher announced that both the number of home
“Sales activity in the GTA accelerated last month. Compared to last year, a greater number of buyers found affordable home ownership options, as evidenced by sales growth for all major home types. Against this backdrop, however, overall inventory at the end of March remained lower than last year. This means competition between buyers increased, which is why the average selling price continued to climb,” said Toronto Real Estate Board President Dianne Usher.
The average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent compared to the average reported for March 2013. The average price for the first quarter of 2014 was up by 8.5 per cent year-over-year.
“With borrowing costs remaining low, and in fact declining, strong home ownership demand will continue to butt up against a constrained supply of listings. Strong price growth will be the result for the remainder of 2014. If the pace of price growth experienced in the first quarter is sustained, TREB may revise its outlook for the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
To read February’s Toronto housing report click here. It’s always important to know how the market is performing as it could affect realtor fees, the home selling process, or even purchasing a new home.
To get a custom report on your community contact, me (a qualified Royal LePage Realtor) at email@example.com