Toronto Real Estate Board President Dianne Usher announced that
Greater Toronto Area REALTORS® reported 3,459 transactions through the TorontoMLS system during
the first two weeks of March 2014. This result for the TREB market area as a whole was virtually
unchanged in comparison to 3,464 transactions completed during the same period in 2013.
“Despite the poor weather conditions experienced during the first half of March, an abundance of willing
buyers were actively searching for a home to purchase. However, many of these people continued to be
affected by the enduring shortage of single-detached, semi-detached and townhouse listings, which
means that in some cases they could not find a home on which to make an offer, or they were facing stiff
competition from other buyers,” said Ms. Usher.
For all home types combined in the GTA, the average selling price was $560,948 – up by almost six per
cent in comparison to the average price for the same time frame in 2013. The semi-detached market
segment in the City 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 per cent.
“Semi-detached houses represent a more affordable ownership option for some households. Because of
this, some semi-detached listings have attracted many interested buyers. This competition has served to
exert strong upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager
of Market Analysis.
“The average single-detached price was down slightly in the City of Toronto year over year because of a
smaller share of luxury deals this year compared to last. Tight market conditions will continue to drive
strong detached price growth in 2014,” added Mercer.