First-time buyers are back after 2012 slump in sales

The Toronto Real Estate Board (TREB) is reporting a strong start to 2013. Home sales were down just 1.3 per cent in January over a year earlier, welcome news after six months of largely double-digit decreases. And prices were up 4.3 per cent last month across the GTA, according to figures published by Treb.

Assuming the turnaround holds, “expect annual price growth in the three to five per cent range this year,” says TREB’s senior market analyst, Jason Mercer.

The strong January “suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market,” said Toronto Real Estate Board president Ann Hannah in a statement.

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Randy Ramadhin

Randy Ramadhin

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CENTURY 21 People's Choice Realty Inc., Brokerage*
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