According to the Mid-December Resale Housing Figures released by the Toronto Real Estate Board, home sales through the TorontoMLS during the first 14 days of December 2013 were 18 per cent higher than during the same time period in 2012, up to 2,483 from 2,104.
According to the president of the Toronto Real Estate Board, Dianne Usher, “The key story in the GTA housing market continues to surround the availability of listings, or lack thereof. With the cost of homeownership remaining affordable, we have seen a resurgence in buying activity in the second half of 2013. However, growth in listings has not matched growth in sales. The result has been more buyers competing for fewer listings. This is why we continue to experience strong price growth”
The average selling price during the first two weeks of December was $520,379, which is an increase of 10 per cent over the same time last year.
“Inventory levels will remain low in many parts of the GTA in 2014, especially where low-rise home types are concerned, including single-detached and semi-detached houses and townhomes,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. ” Expect above-inflation price growth to continue next year.”