TORONTO, March 5, 2013 — Greater Toronto Area REALTORS reported 5,759 sales thru the TorontoMLS system in Feb 2013 a decrease of Fifteen per cent contrasted to Feb 2012. It should be noted that 2012 was a leapyear with one additional day in Feb. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 %.
The average selling price for Feb 2013 was $510,580 up 2 percent in contrast to February 2012.
"The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last.
"Stricter mortgage lending guidelines that precluded central authority backed mortgages on homes sold for over 1,000,000 dollars and the City of Toronto’s extra upfront land transfer tax arguably played a part in the slower pace of luxury detached home sales," added Ms. Hannah.
The MLS HPI Composite Benchmark price covering all the important home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Baseline price was up by at least three per cent on a year-over-year basis in Feb.
"We will definitely experience some volatility in price growth for some market segments in 2013. Nonetheless months of inventory in the low-rise market segment will stay low, resulting in average pricetag growth above three percent for the TREB market area this year. Our present average cost outlook is $515,000 for all home types mixed in 2013," claimed Jason Mercer, TREB’s Senior Manager of Market Analysis.