6 May 2014
The average price for a house sold last month was $577,898, which is 10.1% higher than a year ago ($524,868). The MLS Home Price Index (HPI) rose by 7% on a year-over-year basis. It should be noted that the MLS HPI eliminates price fluctuations caused by changes in the mix of different home types sold from one given period to the next one.
“Price increase in the GTA region was mostly driven by the segments of single-detached, semi-detached and townhouse in the City of Toronto. As of today, we haven’t seen any significant change in the listings for these home types. And until the supply goes up, the annual price growth is expected to remain above the long-term level,” – noted Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.