Market Watch

The Greater Toronto Area Realtors have just released the sales figures for last month. February 2013 kept in the same pace with January 2013 as far as the number of transactions reported through the Toronto MLS system and the average selling price of 5,759 and $510,580 respectively. On a year-over-year basis, these numbers represent a 15 per cent decline in the number of sales and a two per cent increase in the average selling price compared to February 2012.

These difference can in part be explained by the extra day in February of 2012, which was a leap year, as well as “stricter mortgage lending guidelines [set in place last summer] that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” according to Ann Hannah, president of the Toronto Real Estate Board.

Within York Region, Markham and Richmond Hill were very active communities in generating real estate sales. Together, there were 871 sales, which represented 46 per cent of the total sales of all home types in February. Detached homes were the greatest source of sales for both regions.

If you have questions about the real estate industry or are looking to buy or sell your home, contact a Century 21 King’s Quay sales representative today!

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