Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013, down 15% compared to February 2012. However, 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison indicated a lesser decline of 10.5 per cent. full report
Home sales declined in all regions and for all property types. Condo apartments had the biggest drop of 20%, followed by 16% for detached homes, 15% for semi-detached, and 4.6% for townhouses.
The average selling price for February 2013 was $510,580, up 2% compared to February 2012. The MLS® HPI Composite Benchmark price, which allows for a more apple-to-apple price comparison, was up by more than three per cent on a year-over-year basis in February.
Price growth was strongest in semi-detached homes and townhouses, up 5.6% and 6.7%, respectively. Average selling price for detached homes was up 2.2%, while price for condo apartments was down by 2.5%.
New listings in February were down 12% compared to February 2013. In response to a slower market, some home owners are putting off listing their homes for sale. As a result, despite lower sales in recent months, market conditions remain tight, especially in the low-rise home market segment.
The Sales-To-New Listings Ratio, a key indicator for measuring market conditions, remained elevated in February for low-rise homes. As a result, substantial competition between buyers in the low-rise market can be expected in the months ahead.
The condo market was softer than first half of 2012 but remained in balanced territory. Condo apartments were sold, on average, for 97% of listed price in 36 days.