Toronto Real Estate Sales For December & 2013 Up!

Real Estate

Happy New Year!

So here's the recent press release by the Toronto Real Estate Board:

Greater Toronto Area REALTORS® reported 4,078 residential transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent compared to 3,582 sales reported in December 2012. New listings entered into the TorontoMLS system were down by almost four per cent over the same period. Total sales for calendar year 2013, at 87,111, were up by approximately two per cent compared to 85,496 transactions in calendar year 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 in transactions compared to 2012. Looking forward, I believe that home ownership in the GTA will remain affordable as borrowing costs stay low. The result could be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne Usher.

“The average selling price will be up again in 2014 and by more than the rate of 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 those characterized by low-rise home types like singles, semis and townhomes, will continue to have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent compared to the average of $477,756 in December 2012. The average selling price for 2013 as a whole was $523,036, which represented an increase of 5.2 per cent compared to the calendar year 2012 average of $497,130.

Here is the TREB Market Watch News Release.

Here at urbaneer.com, we're carefully watching how the central condominium market is oscillating differently from the freehold housing market.

For example, during the month of December, in the downtown core spanning from the Don Valley Parkway west to Dufferin, and north from Lake Ontario to St. Clair Avenue (known as Districts C01, C02, C08 and C09) there were 79 freehold listings, of which 32 sold (that's about half the number of listings and sales from last month which reflects the season). To note- we acknowledge that this is a fairly small geography that has shifted from predominantly freehold properties to a skyline of condominium high-rises over the past 30 years. To illustrate this contrast, there were 1218 condominiums for sale in this area (compared to 1528 listings last month) during the month of December, of which 290 sold. In other words, almost half the freehold properties are finding buyers, but only one in four condominium listings are being purchased. This was consistent with last month's sales.

So what does this mean?

We explore this in our comprehensive and insightful assessment of the Toronto real estate market in the following links:

Urbaneer's 2013 Fall Forecast – Part One

-and-

Urbaneer's 2013 Fall Forecast Part Two

No matter how healthy Toronto's real estate market may, or may not be, we analyze each neighbourhood, dwelling type, and price point segment as it pertains specifically to each client. We then guide, educate and gently steer them into making a rational, prudent, decision, because they have been well-educated in the context of their specific needs, wants, wishes and desires. As one of Bosley's Top Producers, our continuing success spanning twenty-four years is the result of our comprehensive knowledge of multiple micro-markets and how each influences the trade of urban real estate.

We're here to earn your trust, then your business.

~ Steven and the urbaneer team

Real Estate
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