TORONTO, January 6, 2014 — Greater Toronto Area REALTORS reported 4,078 residential transactions through the TorontoMLS system in December 2013 up by just about Fourteen per cent compared to 3,582 sales reported in December 2012. New listings entered into the TorontoMLS system were down by almost 4 per cent over the same period.
"After a slow beginning to the year, sales growth sped up to a brisk pace in the second half of 2013.
Total sales for calendar year 2013, at 87,111, were up by approximately 2 % compared with 85,496 transactions in calendar year 2012. Despite the unpleasant weather in December, we finished the year with a respectable gain in transactions compared to 2012. Looking forward, I believe that home ownership in the GTA will remain affordable as borrowing costs keep low. The result might be a further increase in sales in 2014," claimed Toronto Property Board President Dianne Usher.
"The average selling price will be up again in 2014 and by more than the rate of inflation. Some neighbourhoods, especially those characterized by low-rise home types like singles, semis and townhomes, may continue to have less than two months of inventory," related Jason Mercer, TREB’s Senior Manager of Market Analysis. The vendor’s market conditions that drove price growth in the second 1/2 2013 will remain in position in several parts of the GTA.
The average selling price for December 2013 sales was $520,398 up by 8.9 percent compared to the average of $477,756 in December 2012.
The average selling price for 2013 in total was $523,036, which represented an increase of 5.2 per cent compared to the calendar year 2012 average of $497,130.