TORONTO, March 5, 2014 — Toronto Real Estate Board President Dianne Usher announced Feb 2014 home sales reported by Greater Toronto Area REALTORS were up by 2.1 per cent compared against the same period last year. Total Feb sales amounted to 5,731 compared with 5,613 last year.
"Despite the continuance of unpleasant weather in Feb, we did see a decent uptick in sales activity last month. New lists of resale condominium flats were up on a year-over-year basis, giving buyers ample choice. This is in opposition to the lists situation for singles, semis and townhomes, where supply continued to be restricted. Some would-be customers had difficulty finding a home that met their needs," said Ms. Usher. Usher continued.
"If we see renewed growth in listings for low-rise home types, the speed of sales growth will accelerate as we move through the year," Ms. The MLS Home Price Index ( HPI ) Composite Baseline was up by 7.3 per cent year-over-year.
The average selling price for Feb 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013.
"While the powerful price growth experienced during the past year should prompt an improvement in the supply of lists, sellers’ market conditions will continue to overcome this year. The impact of powerful price growth on affordability will be mitigated by low borrowing costs," said Jason Mercer, TREB’s Senior Manager of Market Analysis.