TORONTO, January 6, 2014 — Greater Toronto Area REALTORS reported 4,078 home transactions through the TorontoMLS system in December 2013 up by almost 14 per cent compared with 3,582 sales reported in December 2012. New listings entered into the TorontoMLS system were down by almost four per cent over the same period.
Total sales for calendar year 2013, at 87,111, were up by roughly 2 percent compared with 85,496 transactions in calendar year 2012.
"After a slow beginning to the year, sales growth sped up to a brisk pace in the second 1/2 2013. Looking forward, I believe that home possession in the GTA will remain reasonable as borrowing costs stay low. Despite the bad weather in December, we finished the year with a respectable gain in transactions compared with 2012. The result might be a further rise in sales in 2014," announced Toronto Real estate Board President Dianne Usher.
"The average selling price will be up again in 2014 and by over the rate of inflation. The seller’s market conditions that drove price growth in the 2nd half 2013 will remain in place in numerous parts of the GTA.
The average selling price for December 2013 sales was $520,398 up by 8.9 % matched against 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 with the calendar year 2012 average of $497,130.