The January sales numbers represent a very healthy start to 2013. Greater Toronto Area REALTORS® reported 4,375 transactions through the TorontoMLS system in January 2013. This number represented a slight decline compared to 4,432 transactions reported in January 2012.
While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market,” said Toronto Real Estate Board (TREB) President Ann Hannah.
“It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto,” added Ms. Hannah.
The average selling price for January 2013 sales was $482,648 – up by 4.3 per cent compared to $462,655 in January 2012.
What to expect from the Year 2013
I am sure there will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the three to five per cent range this year.
Strong and steady price growth will lead to new listings will edge upward leading to 170,000 listings in the GTA region. Anticipated average price growth to 515,000 in 2013.
Happy Buying and Selling, Dear friends!
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Sutton Group – Admiral Realty Inc., Brokerage