Report Toronto Estate Market Year 2014
There were 92,867 residential sales through the TorontoMLS system in 2014, including 4,446 in December. This represented a 6.7 % increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.
While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household’s ability to comfortably cover their monthly mortgage payments.
The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 % increase over calendar year 2013 to $566,726. This included a 7% increase in the December 2014 average selling price to $556,602.
Lack of supply and high buyer demand was the contributing factor for price increases in low-rise home types like singles, semis and town houses. This situation resulted in more competition between the buyers.
This buying frenzy will continue into 2015 as mortgage rates remain lower and buyer competition remains high.