“The strong price growth we experienced in 2014 can be explained with two words: listings shortage.”  – Jason Mercer, TREB.

The Toronto Real Estate Board (TREB) released it’s December Market Watch Report.  The Toronto real estate market ended 2014 on a high note in what TREB described as a near record breaking year.

1. The number of home transactions in 2014 totalled 92,867, falling just short of the sales record set in 2007 by a mere 326 transactions.
2. GTA housing sales for the 2014 calendar year increased by 6.7 percent over 2013.
3. Average price of a GTA home in 2014 hovered around $566,726 – 8.4 percent up from the previous year.
4. When isolating monthly figures, GTA homes sales in December faced a 9.6 percent year-over-year hike.
5. December saw 4,446 real estate transactions come through the Toronto MLS system, which is higher when compared to the same time last year that saw 4,058 transactions.
6. Monthly home prices stood at $566,602, up 7 percent from December 2013.
7. Townhouses saw the biggest year-over-year price jump of any other housing types in December. The average price of a GTA townhouse climbed 8.3 percent to $434,181.
8. Townhomes saw the largest price hikes in the 905 area, which largely covers GTA suburbs like Mississauga and Vaughan, with prices soaring up by 9.4 percent.
9. Resale prices for a detached climbed up by 7.7 percent and semi-detached homes went up by 0.9 percent. It’s worth noting prices of semi-detached homes in the 905 area grew by 9.9 percent.
10.  TREB reported the average price of a GTA condo in December stood at $362,758, up 5.4 percent as compared to last year.