2013 Resale Housing Market Figures Higher than Expected!
By Lucas on Jan 07, 2014
Recently, Toronto Real Estate Board (TREB) published a release about December’s resale housing market figures and 2013 as a whole.
2013 resale transactions
According to TREB, Greater Toronto Area Realtors reported 4,078 residential transactions through the TorontoMLS system in December 2013. This is almost a 14% increase compared to the 3,582 sales in December 2012. New listings for December 2013 were down nearly 4%.
In total, there were 87,111 transactions through the TorontoMLS system, which is a 2% increase compared to the 85,496 sales in 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 TREB President Dianne Usher.
Average resale price for 2013
The average selling price for a home sold through the TorontoMLS system in December 2013 was $520,398, an increase of almost 9% compared to December 2012’s average selling price of $477,756.
For all of 2013, the average selling price was $523,036, 5.2% higher than 2012’s average selling price of $497,130.
“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.
