Toronto Real Estate Board reported 2,496 sales through the TorontoMLS system during the first 14 days of December 2014. Up by 1.9 % compared to the same period in December2013. Over the same period, new listings were down by 1.8 & year over year.
The average selling price for December mid-month transactions was $565,873, which represented a year-over-year increase of 8.6 %. Price growth was driven by the detached market segment in the City of Toronto.
Demand remains high but inventory is low. Buyers are having a tough time getting the homes they want because of multiple offers, which continue through December.
“Sellers’ market conditions remain in place for low-rise home types, including detached and semidetached houses and townhouses. 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