Hello Everyone and Welcome to the Spring Market,
Despite the sales decline of 15 per cent in February 2013 compared to February 2013 through the TorontoMLS system ,
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.
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 –four per cent for the TREB market area this year.
Our current average price forecast is $515,000 for all home types combined.
If you have any questions or looking for a professional advice regarding buying/selling or investing in real estate, I am always here to help.
Don’t forget to visit my website www.1TorontoHomesGuide.ca which is open for you 24hr to browse homes and sign up for new listing alerts in any GTA locations,
P.S. Check this chart and think….. if you bought the house 10 years, how much equity would you build since that time?
I am going back to one oldest saying which says-
When Is The Best Time to Plant the Tree – 20 Years ago. and When is the Second Best Time?? – Today
Your Toronto Real Estate Guide