The Kirby Report – Toronto Real Estate Market 2013 Review

Today on The Kirby Report, I discuss how the Greater Toronto Real Estate performed in 2013.

Thank-you for watching this episode of “The Kirby Report”.

Here’s a summary of the numbers.

2013 December Sales were up 14% compared to 2012 December Sales.

2013 Sales were up 2% compared to 2012.

2013 December Average Sale Price is $520,000 and that is up 8.9%.

2013 Average Sale Price is $523,000 and that is up 5.2% compared to 2012.

Kirby Chan

 

 

Strong Average Price Growth in September in Toronto Real Estate

Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the TorontoMLS system in September 2012. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year.

The number of transactions was down by 21 per cent in comparison to September 2011. However, it is important to note that there were two fewer working days in September 2012 compared to September 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 12.5 per cent year-over-year.

“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers. The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing,” said Toronto Real Estate Board (TREB) President Ann Hannah.

September average selling prices were up compared to last year for all major home types. Price growth was strongest in the City of Toronto, including for condominium apartments with eight per cent year-over-year growth. All benchmark home types included in the MLS® Home Price Index (MLS® HPI) experienced year-over-year price increases, with substantially stronger increases for low-rise home types.

“Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes,” said TREB’s Senior Manager of Market Analysis, Jason Mercer.

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