Toronto Real Estate Market Report – January 2014

Toronto Real Estate Market Report – January 2014

By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
January 2014 | © All rights reserved

vaughan real estate agentThe Numbers are in! See our 'Toronto Real Estate Market Report' for the latest figures on Toronto, Vaughan and Thornhill's Resale Housing Market.

Realtor's in Greater Toronto have clocked 4,078 residential deals on the Toronto MLS for the month of December 2013. This is an increase of 14% compared to December 2012.

We saw fewer sellers coming to market as well which resulted in a 4% decrease in homes listed over the same period. 2013 saw a total of 87,111 properties bought and sold which is a modest 2% higher than the previous year “After a slow start to the year, sales growth accelerated to a brisk pace in the second half of 2013.  Despite the inclement 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 stay low.  The result could be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne Usher. “The average selling price will be up again in 2014 and by more than the rate of inflation.  The seller’s market conditions that drove price growth in the second half of 2013 will remain in place in many parts of the GTA.  Some neighbourhoods, especially those characterized by low-rise home types like singles, semis and townhomes, will continue to have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. Homes sold in December had an average value of $520,000, which was 8.9% higher than in December of last year which saw an average price of $477,750. 2013 as a whole saw the average price rise to $523,000, a surge of slightly over 5% over the average in 2012.  

Summary of TorontoMLS Sales and Average Price

December 1 - 31

2013

2012

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

1,574

$541,771

1,703

1,433

$494,941

1,671

Rest of GTA ("905")

2,504

$506,963

2,399

2,149

$466,297

2,596

GTA

4,078

$520,398

4,102

3,582

$477,756

4,267

TorontoMLS Sales & Average Price  By Home Type

December 1 - 31, 2013

Sales

Average Price

416

905

Total

416

905

Total

Detached

447

1,360

1,807

864,351

627,097

685,787

Yr./Yr. % Change

-6.7%

12.6%

7.1%

18.9%

11.4%

12.5%

Semi-Detached

136

232

368

644,423

411,857

497,805

Yr./Yr. % Change

8.8%

-0.9%

2.5%

15.9%

6.6%

11.8%

Townhouse

172

479

651

447,188

384,095

400,765

Yr./Yr. % Change

13.2%

15.4%

14.8%

13.4%

10.3%

11.2%

Condo Apartment

799

374

1,173

367,376

293,883

343,943

Yr./Yr. % Change

20.7%

46.1%

27.8%

7.6%

4.6%

6.0%

If you have any questions about this 'Toronto Real Estate Market Report' or would like some information about the TorontoVaughan or Thornhill real estate market, feel free to contact me.

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  first time home buyer toronto ontariotoronto real estate vaughan real estate for sale   IMG_0080 bwIlan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team. You can find him on LinkedIn, Twitter, YouTube and Google+. For over 10 years, Ilan has provided more than 1550 buyers and sellers valued advice and service, enabling them to reach their real estate goals. He’s kind of like the Bruce Willis of real estate.     HOMES, ILAN JOSEPH, ILANJOSEPH.COM, THORNHILL CONDO FOR LEASE, THORNHILL CONDO FOR RENT, THORNHILL CONDO FOR SALE, THORNHILL HOMES FOR LEASE, THORNHILL HOMES FOR RENT, THORNHILL HOMES FOR SALE, THORNHILL REAL ESTATE FOR SALE, toronto, TORONTO CONDO FOR SALE, TORONTO HOMES FOR SALE, TORONTO REAL ESTATE FOR LEASE, TORONTO REAL ESTATE FOR RENT, TORONTO REAL ESTATE FOR SALE, VAUGHAN CONDO FOR SALE, VAUGHAN HOMES FOR LEASE, VAUGHAN HOMES FOR RENT, VAUGHAN HOMES FOR SALE, VAUGHAN REAL ESTATE FOR SALE