Greater Toronto Realtors(R) Report Mid-Month Resale Housing Statistics

TORONTO, ONTARIO--(Marketwired - Apr 17, 2014) - Toronto Real Estate Board President Dianne Usher announced that the spring market started off on a strong note in the Greater Toronto Area, with a 10.8 per cent year-over-year sales increase reported by Greater Toronto REALTORS® during the first two weeks of April. Sales through the TorontoMLS system over this period amounted to 4,541 units.

"The robust increase in sales speaks to the fact that home ownership remains affordable in the GTA. The majority of home buyers purchase a home using a mortgage. A household earning the average income in the GTA can comfortably afford a mortgage on an average priced home," said Ms. Usher.

"While the persistent listings shortage in the GTA, coupled with strong demand, has led to a brisk pace of price growth, very low advertised mortgage rates have gone a long way to mitigating the effect of upward trending home prices," continued Ms. Usher.

The average selling price for April mid-month sales was $583,697, representing an annual increase of 11 per cent. This increase was due to both tight market conditions and a change in the mix of homes sold. At month-end, the MLS® HPI benchmark price will provide more insight into price growth attributable solely to the change in market conditions.

"The overall average price increase was driven by single-detached, semi-detached and townhouse sales in the City of Toronto. There was a substantial increase in higher-end home sales this year compared to last," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"This time last year, many would-be home buyers and sellers were still on the sidelines due to changes in federal mortgage lending guidelines, including those guideline changes that removed the government guarantee on mortgage insurance on home sales over one million dollars. However, many of these households have subsequently adjusted to the lending guideline changes and have recently purchased a home," continued Mercer.

Summary of TorontoMLS Sales and Average Price April 1 - 14
	2014						2013
	Sales		Average Price		New Listings		Sales		Average Price		New Listings
City of Toronto ("416")	1,648		$666,724		3,241		1,504		$575,534		3,388
Rest of GTA ("905")	2,893		$536,401		5,215		2,595		$497,192		5,337
GTA	4,541		$583,697		8,456		4,099		$525,937		8,725

TorontoMLS Sales & Average Price By Home Type April 1-14, 2014
		Sales						Average Price
		416		905		Total		416		905		Total
Detached		628		1,660		2,288		1,012,172		639,322		741,660
	Yr./Yr. % Change	19.4	%	9.1	%	11.7	%	19.2	%	8.1	%	12.8	%
Semi-Detached		165		323		488		697,580		438,068		525,813
	Yr./Yr. % Change	-6.8	%	16.2	%	7.3	%	15.8	%	6.4	%	8.2	%
Townhouse		169		542		711		486,445		411,559		429,359
	Yr./Yr. % Change	3.0	%	9.1	%	7.6	%	19.3	%	9.9	%	12.2	%
Condo Apartment		676		289		965		386,874		297,172		360,010
	Yr./Yr. % Change	8.2	%	19.4	%	11.3	%	0.2	%	9.4	%	1.6	%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 38,000 TREB Members serve consumers in the Greater Toronto Area.

TREB is Canada's largest real estate board.