Toronto Real Estate Market Report March 2013.


GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

 

TORONTO, March 5, 2013 -- Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.

The average selling price for February 2013 was $510,580 – up two per cent in comparison to February 2012.

“The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“Stricter mortgage lending guidelines 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,” added Ms. Hannah.

The MLS® HPI Composite Benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Benchmark price was up by more than three per cent on a year-over-year basis in February.

“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low, resulting in average price growth above three per cent for the TREB market area this year. Our current average price forecast is $515,000 for all home types combined in 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

 

 

Summary of TorontoMLS Sales and Average Price – FEBRUARY 2013

 

2013

2012

 

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,189

$552,014

4,326

2,617

$552,684

5,125

Rest of GTA ("905")

3,570

$485,174

6,726

4,192

$467,514

7,467

GTA

5,759

$510,580

11,052

6,809

$500,249

12,592

TorontoMLS Sales & Average Price By Home Type – FEBRUARY 2013

 
 

Sales

Average Price

 
 

416

905

Total

416

905

Total

 
               

Detached

749

2,025

2,774

823,329

582,777

647,728

 

Yr./Yr. % Change

-16.9%

-15.8%

-16.1%

0.1%

3.4%

2.2%

 

Semi-Detached

234

382

616

618,777

401,981

484,335

 

Yr./Yr. % Change

-13.3%

-15.9%

-14.9%

6.2%

4.4%

5.6%

 

Townhouse

230

682

912

450,440

371,640

391,513

 

Yr./Yr. % Change

-0.4%

-5.9%

-4.6%

4.9%

7.1%

6.7%

 

Condo Apartment

953

399

1,352

352,614

281,398

331,597

 

Yr./Yr. % Change

-20.0%

-20.7%

-20.2%

-4.7%

4.3%

-2.5%

SOURCE; www.Torontorealestateboard

Wandee Vee

Wandee Vee

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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