The latest Toronto home sales statistics released by the Toronto Real Estate Board show that home sales in February 2014 increased by 2.1 per cent over February 2013, from 5,613 sales to 5,731 sales through the Toronto MLS Listings.
“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month,” said the president of the Toronto Real Estate Board, Dianne Usher. “The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyers sample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs.”
Home prices increased by 8.6 per cent, bringing the average selling price for a home in Toronto to $553,193.
“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “The impact of strong price growth on affordability will be mitigated by low borrowing costs.”
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