Mid May 2013 Resale Home Sales

Greater Toronto Area REALTORS® reported 4,476 transactions through the TorontoMLS system during the first 14 days of May. This result represented a decline of 9.7 per cent compared to the same period in 2012. Sales declines were larger for the City of Toronto, at 11.4 per cent, versus the surrounding regions where sales were down by 8.6 per cent year-over-year.


“Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation. A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home,” said Toronto Real Estate Board President Ann Hannah.


The average selling price during the first two weeks of May was $543,838 – up by 5.4 per cent in comparison to the same time frame last year. Price growth was strongest for low-rise home types, but positive price growth for condo apartments in the City of Toronto was also reported.


“Continuing the prevailing trend over the last year, the low-rise segment of the market drove overall price growth during the first half of May, as months of inventory remained below historic norms for key home types,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

    2013     2012  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 1,685 $594,789 3,499 1901 $573,137 3,767
Rest of GTA ("905") 2,791 $513,077 5,661 3054 $480,578 5,089
GTA 4,476 $543,838 9,160 4,955 $516,089 8,856

 

Detached 2013 Sales VYA   Average Price VYA
Sales City of Toronto ("416") 626 -6.7%   $855,334 2.0%
Rest of GTA ("905") 1618 -7.8%   $615,563 7.5%
GTA 2244 -7.5%   $682,451 5.6%
           
Semi-Detached 2013 Sales VYA   Average Price VYA
Sales City of Toronto ("416") 202 -6.0%   $630,984 5.5%
Rest of GTA ("905") 302 -7.6%   $414,835 3.2%
GTA 504 -7.0%   $501,466 4.5%
           
Townhouse 2013 Sales VYA   Average Price VYA
Sales City of Toronto ("416") 181 -21.3%   $457,666 -2.3%
Rest of GTA ("905") 511 -9.6%   $384,298 7.1%
GTA 692 -13.0%   $403,489 3.3%
           
Condo Apartment 2013 Sales VYA   Average Price VYA
Sales City of Toronto ("416") 661 -13.6%   $377,341 2.1%
Rest of GTA ("905") 281 -11.6%   $285,851 -1.4%
GTA 942 -13.0%   $350,050 1.1%

Source: TREB Market Watch

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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