Greater Toronto Area REALTORS report – Feb 5, 2013

TORONTO, Feb 5, 2013 — Greater Toronto Area REALTORS reported 4,375 transactions thru the TorontoMLS system in Jan 2013. This number represented a slight decline compared to 4,432 transactions reported in January 2012.

“The Jan sales figures represent a great start to 2013. While the number of transactions was down barely compared to last year, the rate of decline was a lot less than what was experienced in the second half of 2012. This implies that some purchasers, who put their call to purchase on hold last year due to stricter mortgage lending tenets, are once more becoming active in the market,” said Toronto Real Estate  Board ( TREB ) President Ann Hannah.

“It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional up front land transfer tax in the City of Toronto,” added Ms. Hannah.

“There will be sufficient competition between buyers in the marketplace to prompt continued growth in home costs in 2013. The MLS Home Price Index ( HPI ) Composite Benchmark price was up by 3.8 % over the same period. Expect annual average price growth in the 3 to 5 per cent range this year,” related Jason Mercer, TREB’s Senior Manager of Market Analysis.

Greater Toronto REALTORS are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 36,000 TREB Members serve customers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.