The Toronto Real Estate Board says that home sales in 2014 were just short of the record set in 2007, increasing by 6.7 per cent over sales in 2013 with 4,446 sales in the month of December.
“TREB’s 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership,” said the president of the Toronto Real Estate Board, 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 increased by 8.4 per cent in 2014 over 2013, to $566,726.
Jason Mercer, the Director of Market Analysis for the Toronto Real Estate Board, said that “The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers.”