TREB reported 2823 resale homes in the first two weeks of February 2013. This figure was down 8.3% from a year ago. Average Prices for the GTA increased 4.0% mainly behind stronger low-rise prices.
GTA Sales declined in February for all resale home segments with the exception of townhouses, which were up 5.3%. Townhouse sales in the “416” and “905” increased 17.0% and 1.8% respectively.
Average Prices for all GTA resale home segments increased with the exception of Condo Apartments which declined -6.0%. Condo Apartment prices in the “905” increased 2.3% but the growth was not enough to offset the “416” which declined -8.4%. Average Prices for Townhouses in the GTA increased 12.1% behind strong increases in the “416” (15.9%) and “905” (10.1%).
Months of Inventory Trend reported by TREB as of January 2013 shows the spread between Low-Rise and Condo Apartments has increased to 1.6 Months versus the Average Spread of 0.6 Months. There were 3.7 Months of Inventory for Condo Apartments versus only 2.1 Months of Inventory for Low-Rise.
Low-Rise buyers presently have less choice and new listings are often being snapped up as they come on the market. In some instances, multiple offers are still the only way to satisfy the demand for the limited inventory.