January, 2015. Greater Toronto Area 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.
According to Toronto Real Estate Board President Paul Etherington, 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.
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.
Jason Mercer, TREB’s Director of Market Analysis, said the reason for the strong price growth in 2014 was the constrained supply of listings. Especially for singles, semis and town houses. This resulted in more competition between buyers and more aggressive offers.
Record High Sales And Average Prices For 2014 in Durham Region
Durham Region Association of REALTORS® President Sandra O’Donohue reported 10,841 residential sales through the MLS® System in 2014, including 478 in December. The 2014 sales result represents a 5.1 per cent increase compared to 10,312 sales in 2013.
Along with a record high number of sales, the average selling price for 2014 also set a record for Durham Region. In 2013 the average selling price was $357,529, while the average selling price for the calendar year 2014 reached $391,692, an increase of 9.6 per cent.
This is also a result of high demand for homes coupled with a shortage of listings. O’Donohue said that the 2014 sales figures show the importance of home ownership for Durham households.
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby