TORONTO, November 6, 2013 — Greater Toronto Area REALTORS reported Eight thousand home sales through the TorontoMLS system in October 2013 up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.
"The GTA home ownership market has been broadly identified by a rebound in sales since the summer. Market conditions have been tighter in some market segments way more than others.
"The supply of lists for many home types and price points has either been down year-over-year or at the very least not up by the same yearly rate as sales. Ground-oriented houses listed for below 1,000,000 dollars in some areas of the GTA have been especially well liked by customers, while listings for these home types have been constrained," said Toronto Real-estate Board President Dianne Usher. guarantee on high ratio mortgages for home purchases over one million $ have arguably led many house owners not to list," continued Ms. Usher.
The average selling price for TorontoMLS sales in October 2013 was $539,058 up by more than seven % in comparison to the medium price of $502,127 in October 2012.
"Growth in the average selling price and the MLS HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home possession demand will stay robust as cost remains in control thanks to the continuation of accommodative borrowing costs," said Jason Mercer, the Toronto Real estate Board’s Senior Manager of Market Analysis.