Greater Toronto Area REALTORS report

Feb 19, 2013 — Greater Toronto Area REALTORS reported 2,823 sales through the TorontoMLS system during the first Fourteen days of February. This result represented a decrease of 8.3 percent compared to the same period in 2012. This indicates that market conditions remained quite tight, particularly for low-rise home types.

The average selling price for TorontoMLS transactions in the 1st half of February was $509,061 up by 4% compared with the same time last year. The average selling price in the GTA may continue to grow this year but at a slower pace compared against 2012. The foundation of this price growth will be the low-rise segment of the market, for which months of inventory and so choice for buyers remains extremely low," claimed Jason Mercer, TREB’s Senior Manager of Market Research.