Photo: James Paolo/Flickr
Last year, the average sale price for an existing GTA home reached $566,726, an 8.4 per cent spike over the 2013 average. Looking at the City of Toronto alone, the average resale price for 2014 was higher at $610,554, while the 905 the average is much closer to that of the entire region at $540,313.
It was a strong year for sales as well with the Toronto Real Estate Board (TREB) noting the 92,867 tally of transactions represented a 6.7 per cent increase over the previous year, just short of the record for sales set in 2007.
The numbers paint a picture of high demand for homes in the GTA.
“The strong price growth we experienced in 2014 can be explained with two words: listings shortage,” said Jason Mercer, TREB’s Director of Market Analysis.
“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.”
To get a better sense of the amount of sales and average prices in each district of the city, check out our interactive map:
The last month of the year was in line with 2014’s overall increase in both prices and sales. December saw 4,446 sales, a 9.6 per cent jump in sales compared to the same month in 2013. Prices also increased year-over-year last month, rising 7 per cent to $556,602.
The biggest price increases in December were for low-rise homes. Semi-detached houses in the 905 led with 9.9 per cent price growth in December, followed by townhouses in the same part of the region. Their resale prices increased by 9.4 per cent. Always-in-demand, prices for detached houses in Toronto-proper rose by 8 per cent between December 2013 and December 2014.