Home Sales Up In Mid-October 2014

The Toronto Real Estate Board says that during the first half of October 2014, home sales were up 12.2 per cent over the same time in 2013, while new listings increased by 5.9 per cent.

The President of the Toronto Real Estate Board, Paul Etherington, said that, “We have seen a strong hand-off from the third quarter into the fourth quarter, as sales for all major home types were up. This suggests that a great diversity of home buyers remain active in today’s market, from first-time buyers looking for affordable home ownership options through to high income households looking to purchase a luxury property.”

The average selling price increased by 8.8 per cent to $583,719.

“Strong annual rates of price growth for low-rise home types were sustained, as sales growth continued to outpace growth in new listings,” said the Director of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “Sellers’ market conditions are expected to remain in place for the remainder of 2014 and into 2015 as well. This means that high single-digit rates of price growth for singles, semis and townhouses will likely remain the norm over the next few months.”

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