TORONTO, March 19, 2014 — Toronto Real estate Board President Dianne Usher announced Larger Toronto Area REALTORS reported 3,459 transactions through the TorontoMLS system in the first 14 days of March 2014. This result for the TREB market area in total was virtually unvaried in comparison to 3,464 transactions completed in the same period in 2013.
“Despite the bad weather conditions experienced during the initial half of March, a sufficiency of prepared purchasers were actively searching for a home to purchase. Nevertheless many of these folk continued to be influenced by the iconic lack of single-detached, semi-detached and townhouse listings, which suggests that in some cases they couldn’t find a home on which to make an offer, or they were facing tough competition from other buyers,” said Ms. Usher. The semi-detached market segment in the Town of Toronto led the way in terms of price growth during the first 14 days of March, with a year-over-year increase of more than ten %.
“Semi-detached homes represent a more affordable possession option for some homes. Because of this, some semi-detached listings have attracted many interested buyers.
“The average single-detached price was down a touch in the City of Toronto year over year due to a smaller share of luxury deals this year compared with last. This competition has served to exert robust upward pressure on the average selling price,” declared Jason Mercer, TREB’s Senior Chief of Market Analysis. Tight market conditions may continue to drive powerful detached price growth in 2014,” added Mercer