There were 4,078 residential transaction reported to the TorontoMLS system in December 2013 - up by almost 14% compared to 3,582 sales reported in December 2012; however, listings were down by almost 4% over the same time period. Total sales for all of 2013 were 87,111 up by approximately 2% compared to to 85,496 transactions in 2012.
"After a slow start to the year, sales growth accelerated to a brisk pace in the second half of 2013. Despite the inclement weather in December, we finished the year with a respectable gain compared to 2012. Looking forward, I believe that home ownership in the GTA will remain affordable as borrowing costs stay low. The results could be a further increase in sales in 2014," said TREB President Dianne Usher.
"The average price will be up again in 2014 and by more than inflation. The seller's market conditions that drove price growth in the second half of 2013 will remain in place in many parts of the GTA. Some neighbourhoods, especially characterized by low-rise home types like semi's, singles and townhomes will continue to have less than two months inventory," said Jason Mercer, TREB's Senior Manager of Market Analysis.
The average selling price for 2013 for the GTA was $523,036, an increase of 5.2% compared to the 2012 average of $497,130. In Brampton the average selling price for the year was $420,847. There were 15,377 homes listed for sale of which 7,909 sold.