January 6, 2014 -- Greater Toronto Area
REALTORS® reported 4,078 residential transactions through the TorontoMLS system
in December 2013 – up by almost 14 per cent compared to 3,582 sales reported in
December 2012. New listings entered into the TorontoMLS system were down by
almost four per cent over the same period.
Total sales for calendar year 2013, at 87,111, were up by
approximately two per cent compared to 85,496 transactions in calendar year
2012.
“After a slow start to the year, sales growth accelerated to
a brisk pace in the second half of 2013. Despite the inclement weather in
December, we finished the year with a respectable gain in transactions compared
to 2012. Looking forward, I believe that home ownership in the GTA will remain
affordable as borrowing costs stay low. The result could be a further increase
in sales in 2014,” said Toronto Real Estate Board President Dianne Usher.
“The average selling price will be up again in 2014 and by
more than the rate of inflation. The seller’s market conditions that drove
price growth in the second half of 2013 will remain in place in many parts of
the GTA. Some neighbourhoods, especially those characterized by low-rise home
types like singles, semis and townhomes, will continue to have less than two
months of inventory,” said Jason Mercer, TREB’s Senior Manager of Market
Analysis.
The average selling price for December 2013 sales was
$520,398 – up by 8.9 per cent compared to the average of $477,756 in December
2012.
The average selling price for 2013 as a whole was $523,036,
which represented an increase of 5.2 per cent compared to the calendar year
2012 average of $497,130.
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