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Greater Toronto Realtors reported 5,759 sales through the MLS in February 2013. The number of transactions represented a 15% decrease compared to February 2012. It should be noted that February 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5%.
The number of new listings reported in February was down by 12.2% compared to the same period in 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 President Ann Hannah. “
“Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over $1m and the City of
Toronto’s upfront land transfer tax arguably played a role in the slower pace of luxury detached sales,” continued Hannah.
The average selling price continued to grow in February up by 2.1% from the same time last year to $510,580. Note, the average selling
price for 2012 as a whole was up by almost 7% to $497,298!!
“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 3% for the TREB market area this year. Our current average price forecast is $515,000 for all homes combined in
2013,”said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments decreased by 20.0% from February 2012. The average price of a Toronto condo decreased by 4.7% from the same time last year.
Condominium apartments accounted for 23.5% of total sales in the GTA for February 2013 while detached homes accounted for 48.2% of the total sales.
Other notable statistics include the average days on the market for February at 28 days. Active listings were 15,969 in February-up 9.8% from February 2012. The sales-to-listings ratio for February
was 36.0% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range .
Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street do not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.
Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca