Many buyers and sellers are sitting on the sidelines indecisive whether to buy or sell now or wait. So, since the opinions vary and conflicting media reports don’t help either, here are some facts to help you draw your own conclusions.
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First of all, there isn’t anything that is widely applicable to all of Canada. So, if you are planning to buy or sell in Toronto or GTA, you should be concerned with the data that reflects this market.
According to the mid-month resale housing figures provided by Toronto Real Estate Board (TREB), the average selling price during the first 14 days of 2013 was by up by 4% on a year-over-year basis and even the number of total sales during this period was 2.4 per cent higher as compared to the same period in 2012.
The average selling price in December 2012 was up by 6.5 per cent year-over-year to $478,739. The average selling price for 2012 as a whole was up by almost seven per cent to $497,298 said TREB.
However, there was a sharp decline of 23% in Condo sales during the fourth quarter of 2012. In its fourth quarter condo market report TREB said that the condo apartment sales declined by 23 per cent as compared to the same time period in 2011. Not only the sales declined, the average selling price for condominium apartments in the fourth quarter was $332,410 – down by one per cent compared to the fourth quarter of 2011.
“Continuing the trend from 2012, the low-rise segment of the market experienced the strongest price growth as competition between buyers remained quite strong,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The average selling price is expected to grow in 2013, but at a slower pace as buyers benefit from more choice.”
“Robust annual rates of price growth were reported through most months of 2012. Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales, market conditions remained tight for these home types with substantial competition between buyers,” said Mercer.
"The New Year started off on a positive note with residential sales slightly above last year’s levels,” said TREB President Ann Hannah. “I am cautiously optimistic about this result. It will be important to watch sales trends closely as we move through the first quarter to see if some of the households who moved to the sidelines as a result of stricter lending guidelines are starting to renew their decision to purchase a home.”