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Market Update, October, 2014

October 15, 2014

Firstly, I want to congratulate all of our Yorkville Sales Team on an outstanding September (and early October). 

Although there still remains a considerable paucity of listings, an abundance of buyers has resulted in a dynamic and competitive market place.  Our office continues to be a huge contender in the rental market in addition to, making formidable inroads in the new construction and resale real estate sectors.

Notably, our agents have also been pounding the pavement (almost literally) as they reach out to individual communities and make contact with sellers and buyers alike.  Listing presentations have been common place as our agents see their efforts pay off in listings and sales throughout the GTA.

A mentoring program has allowed novice agents to pair up with more seasoned members of our team.

Together these partnerships have given the newer agents the confidence and expertise to flourish while their partners gain motivation and an opportunity to hone their skill.  

Please see the Toronto Real Estate’s Market Update below for evidence that we are riding a wave of activity with signs that this will continue for months to come.

Thank you all for all of your hard work

Sales and Average Price Growth Continued in September

October 3, 2014 -- Toronto Real Estate Board President Paul Etherington announced that there were 8,051 transactions reported through the TorontoMLS system in September 2014. This result represented a 10.9 per cent increase compared to September 2013. On a year-to-date basis through the first three quarters of the year, sales were up by 6.9 per cent annually to 73,465.

"Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014. This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid," said Mr. Etherington.

The average selling price for September 2014 transactions was $573,676 – up by 7.7 per cent compared to the same period in 2013. Average year-over-year price growth was strongest in the City of Toronto, both for low-rise home types like detached and semidetached houses and for condominium apartments. The average selling price year-todate was $563,813 – up 8.5 per cent compared to the first nine months of 2013.

"If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.


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