The Toronto Real Estate Board released the numbers for February 2013’s resale housing market. With one less day than last year, the average selling price for the month was up 2% compared to February 2012, but the number of transactions were down for both the detached housing and condo market. Check out the full report below.
GTA REALTORS® Release Mid-Month Resale Housing Figures
TORONTO, ONTARIO-(Marketwire – March 5, 2013)- Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.
The average selling price for February 2013 was $510,580 – up two per cent in comparison 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. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah.
“Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” added Ms. Hannah.
The MLS® HPI Composite Benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Benchmark price was up by more than three per cent on a year-over-year basis in February.
“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low, resulting in average price growth above three per cent for the TREB market area this year. Our current average price forecast is $515,000 for all home types combined in 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
| Summary of TorontoMLS Sales and Average Price – FEBRUARY 2013 | |||||||||||||||||
| 2013 | 2012 | ||||||||||||||||
| Sales | Average Price |
New Listings |
Sales | Average Price |
New Listings |
||||||||||||
| City of Toronto (“416”) | 2,189 | $ | 552,014 | 4,326 | 2,617 | $ | 552,684 | 5,125 | |||||||||
| Rest of GTA (“905”) | 3,570 | $ | 485,174 | 6,726 | 4,192 | $ | 467,514 | 7,467 | |||||||||
| GTA | 5,759 | $ | 510,580 | 11,052 | 6,809 | $ | 500,249 | 12,592 | |||||||||
| TorontoMLS Sales & Average Price By Home Type – FEBRUARY 2013 | |||||||||||||||||
| Sales | Average Price | ||||||||||||||||
| 416 | 905 | Total | 416 | 905 | Total | ||||||||||||
| Detached | 749 | 2,025 | 2,774 | 823,329 | 582,777 | 647,728 | |||||||||||
| Yr./Yr. % Change | -16.9 | % | -15.8 | % | -16.1 | % | 0.1 | % | 3.4 | % | 2.2 | % | |||||
| Semi-Detached | 234 | 382 | 616 | 618,777 | 401,981 | 484,335 | |||||||||||
| Yr./Yr. % Change | -13.3 | % | -15.9 | % | -14.9 | % | 6.2 | % | 4.4 | % | 5.6 | % | |||||
| Townhouse | 230 | 682 | 912 | 450,440 | 371,640 | 391,513 | |||||||||||
| Yr./Yr. % Change | -0.4 | % | -5.9 | % | -4.6 | % | 4.9 | % | 7.1 | % | 6.7 | % | |||||
| Condo Apartment | 953 | 399 | 1,352 | 352,614 | 281,398 | 331,597 | |||||||||||
| Yr./Yr. % Change | -20.0 | % | -20.7 | % | -20.2 | % | -4.7 | % | 4.3 | % | -2.5 | % | |||||
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 36,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.