TORONTO, March 5, 2014 – Toronto Real Estate Board President Dianne Usher announced that
February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent
compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last
“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity
last month. The sales increase was largely driven by resale condominium apartments. New listings of
resale condominium apartments were up on a year-over-year basis, giving buyers ample choice. This is
in contrast to the listings situation for singles, semis and townhomes, where supply continued to be
constrained. Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.
“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as
we move through the year,” Ms. Usher continued.
The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the
average of $509,396 reported for February 2013. The MLS® Home Price Index (HPI) Composite
Benchmark was up by 7.3 per cent year-over-year.
“While the strong price growth experienced over the last year should prompt an improvement in the
supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average,
will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on
affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of