Photo: Jason Baker/Flickr
Existing home prices and sales were up in Toronto for the first half of December with the detached market continuing to drive price growth, according to the latest report from the Toronto Real Estate Board (TREB).
The TREB figures show that the average selling price for transactions in the first 14 days of December was $565,873, an 8.6 per cent increase over the same period in December 2013.
On the sales side, 2,496 homes were sold through the MLS in Toronto in the first half of December, a 1.9 per cent increase over the same period in the previous year.
While sales and prices were up, new listings were down in the first half of December by 1.8 per cent over 2013. TREB President Paul Etherington pointed to the drop off in new listings as “a drag on sales” for 2014.
“Sellers’ market conditions remain in place for low-rise home types, including detached and semi-detached houses and townhouses,” said Jason Mercer, TREB’s Director of Market Analysis.
“The condominium apartment segment of the market has been more balanced due to strong project completions, but there has been enough buyer interest to prompt condo price growth above the rate of inflation.”
Have a look at the tables provided by TREB for more data on the first half of December: