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

 

 

Home Prices Continue to Soar in February

The Greater Toronto Area (GTA) REALTORS have come out with the new numbers for February 2013. A  reported 5,759 sales via the TorontoMLS system last month. This is a decline of 15 percent compared to exactly a year ago. Mind you, 2012 was a leap year and with one extra day in February. The 28 day year-over-year sales comparison has made a lesser decline of 10.5 percent

The average sale price for February 2013 was 510,580, which is up two notches 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” noted 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,” hinted Ms. Hannah.

The MLS HPI Composite Benchmark was up more than 3 percent compared to last year at this time.

“We will undoubtedly experience some volatility in price growth for some market segments in 2013″ said Jason Mercer, TREB’s Senior Manager of Market Analysis. He continued,  “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,”

Source: TREB

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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The Beginning Of Something Special

This is my blog and my name is Kirby Chan.

I have been in the Real Estate Industry for over 10 years and have been a blogger for 3 years. I have moved over to a self-hosted wordpress site to gain more flexibility and freedom.

I wish you all enjoy reading my blog as much as I enjoy writing it.

Past blog posts can be found at kirbychan.wordpress.com

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