The Resale Market Summary for 2014

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Hot off the presses from the Toronto Real Estate Board (TREB):

Toronto, January 6th, 2014 – Greater Toronto Area Realtors reported 4,078 residential transactions through the TorontoMLS System in December 2013 – up by almost 14% compared to 3,582 sales reported in December 2012.  New listings entered into the TorontoMLS system were down almost 4% over the same period.

Total sales for the calendar year 2013, at 87,111 were up approximately 2% compared to 85,496 transactions for the calendar year 2012.

“After a slow start to the year, sales growth accelerated at 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 further increase in sales for 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 town homes, 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% 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% compared to the calendar year 2012 average of $497,130.

If you would like further details of the market results for 2013, a breakdown of sales by price range and house type, or are just curious to know what your house is worth these days, please drop me a line anytime and I would be happy to help you out!

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