October 2014 Housing figures for Toronto Real Estate and MoreToronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,552 sales through the TorontoMLS system in October
2014. This result represented an increase of 7.7 per cent compared to October 2013. New listings were
also up on a year-over-year basis, but by a lesser 3.4 per cent.
“Strong growth in sales was evident across all major home types during the first full month of fall. This
suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about
the benefits of home ownership over the long term, whether we’re talking about first-time buyers or
existing home owners looking to change their housing situation,” said Mr. Etherington.
The average selling price for October 2014 transactions was $587,505 – up 8.9 per cent compared to the
average of $539,286 reported for October 2013. The MLS® HPI composite benchmark price was up by
8.3 per cent over the same period. Low-rise home types, including singles, semis and town houses,
continued to be the driver of year-over-year growth in the average price and the MLS® HPI composite
“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to
have difficulties finding a home due to the constrained supply of listings in some parts of the Greater
Toronto Area, particularly where low-rise home types are concerned. The resulting sellers’ market
conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015
as well,” said Jason Mercer, TREB’s Director of Market Analysis.