December 17, 2013 — Greater Toronto Area

December 17, 2013 — Greater Toronto Area REALTORS reported 2,483 residential sales through the TorontoMLS system in the first 14 days of December 2013. This number of transactions represented an Eighteen % increase compared with 2,104 sales reported in the same period in 2012. The number of new listings entered into the TorontoMLS system was basically unvaried from a year ago.

"The key story in the GTA home market continues to surround the availability of listings, or lack thereof. With the cost of homeownership remaining reasonable, we have seen a resurgence in buying activity in the second 1/2 2013. The result has been more customers competing for less listings. This is why we continue to experience strong price growth," said Toronto Real-estate Board President Dianne Usher.

"Inventory levels will remain low in several parts of the GTA in 2014, especially where low-rise home types are concerned, including single-detached and semi-detached homes and townhomes.

The average selling price for December mid-month transactions was up Ten per cent to $520,379, compared to $471,602 reported for the first Fourteen days of December 2012. Expect above-inflation price growth to continue next year," said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.