GTA Home Price Up 2% in February

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.  

GTA Average House Price Feb 2013

GTA Home Sales Growth February 2013 

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%.

GTA Home Price February 2013

GTA Average Home Price Growth February 2013

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.

GTA Housing Market Sales-To-New Listings Ratio

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.

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Antonia Yan

Antonia Yan

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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