According to the latest from the Toronto Real Estate Board, home sales in the first two weeks of December 2014 were 1.9 per cent higher than during the same time last year. In addition, new listings decreased by 1.8 per cent.
“Greater Toronto Area households remain upbeat about buying a home, as evidenced by the increase in sales compared to last year,” said the president of the Toronto Real Estate Board, Paul Etherington in a press release. “However, many would-be home buyers continue to have problems getting a deal done due to the lack of listings for some home types. The lack of listings has definitely been a drag on sales this year.”
The average home selling price during this period in December was up 8.6 per cent over last year to $565,873.
“Sellers’ market conditions remain in place for low-rise home types, including detached and semi-detached houses and townhouses,” said the director of market analysis for the Toronto Real Estate Board, Jason Mercer. “The condominium apartment segment of the market has been more balanced due to strong project completions, but there has been enough buyer interest to prompt condo price growth above the rate of inflation.”