2013 Toronto Real Estate – Off to a good start

Published 11 February 13 10:38 AM | Deedar Ghatehorde 

After a 6 month wait, it would appear that the Buyers are coming back having saved some money for down payment.

Looking at the chart below it would appear that the freehold homes are going up in price and the sales figures are also very marginally down.  There are some multiple offers in the first time Home Buyers price range.

http://www.valuhomes.ca/2013-toronto-real-estate-off-to-a-good-start

Bank of Canada has also signaled that the interest rates will be on Hold for almost 18 months.

Toronto Real Estate Board (TREB) has reported a strong start to 2013. Home sales were down just 1.3 per cent in January over a year earlier, see graph below to see how each section, detached homes for sale in Toronto, Mississauga, Brampton and 905 regions. And prices were up 4.3 per cent last month across the GTA.

The average sales price of a GTA home last month was $482,648, up from $462,655 in January, 2012.

Assuming the turnaround holds, “expect annual price growth in the three to five per cent range this year,” says TREB’s senior market analyst, Jason Mercer.

The strong January “suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market,” said Toronto Real Estate Board president Ann Hannah in a statement.

She noted that sales were especially strong in the suburban regions around Toronto, citing the dampening effect of the city’s land transfer tax. But affordability can’t be discounted: The average sales price of a detached house in the city was $765,049 in January compared to $563,675 in the 905 regions, TREB’s January sales figures show.

The resale condo sector remains soft, with TREB reporting a 5.1 per cent decline in sales in January over a year earlier. The biggest drop in sales (6.4 per cent) was in the 905 regions, compared to a 4.5 per cent decline in the city.

The average price of a resale condo in the 905 regions dropped 1.4 per cent to $269,073, while units in the 416 area were down 1.3 per cent to an average $340,295, says TREB.

 

 

 

 

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Townhouses saw the biggest decline in sales in January year over year in Toronto, with sales slumping 11.2 per cent. Prices, however, were up almost 2 per cent, to $418,262. That compares to a 1 per cent increase in 905 sales and a 5.6 per cent increase in price to $359,271.

The sale of detached homes in the 416 region declined 7.6 per cent, but prices held steady, up 2.7 per cent year-over-year. Sales of detached homes in the 905 regions were up 3.7 per cent and prices up almost 7 per cent, TREB reports.

Some 4,375 homes changed hands in January compared to 4,432 a year earlier.

 

 

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