Toronto Home Sales Drop Mid-Feb 2013: Toronto Real Estate Board

According to the latest press release of market statistics from the Toronto Real Estate Board, home sales in the first two weeks of February 2013 dropped by 8.3 per cent over the same time period last year.

“The number of transactions was lower for most home types in comparison to last year, but so too was the number of new listings. This means that market conditions remained quite tight, especially for low-rise home types,” said Ann Hannah, the president of the Toronto Real Estate Board. “The result was continued price growth over the last year.”

The same press release stated that the average selling price for resale homes through the Toronto MLS Listings was up by four per cent when compared to the first 14 days of February last year, bringing the average selling price to $509,061.

“The annual rate of price growth so far in February has been in line with expectations for 2013,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “The average selling price in the GTA will continue to grow this year, but at a slower pace compared to 2012. The basis of this price growth will be the low-rise segment of the market, for which months of inventory and therefore choice for buyers remains very low.”

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