GTA homes sales were static in the first two weeks of March according to new numbers from the Toronto Real Estate Board (TREB). The first half of the month saw 3,459 transactions, down just a handful of sales from the 3,464 transactions completed in the same period of 2013.
Despite year-over-year sales barely budging, home prices rose. The average sale price in the GTA hit $560,948, a nearly six per cent increase over last year. Semi-detached properties in Toronto-proper recorded the biggest sale price growth spurt in the region, jumping 10.6 per cent to a new average of $691,279. Not far behind, semi-detached homes in the 905 rose by 9.5 per cent to $436,093.
“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, in the news release.
While we’ve been watching detached house prices in Toronto edge up closer and closer to the million dollar mark, prices were actually down year-over-year, albeit only 0.5 per cent. The average price now stands at $902,425. However, this isn’t a sign the detached market might become more affordable in the future.
“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,” said Mercer.
For more details checked out the chart below…