Toronto Real Estate Market Update | June 2013

Toronto Real Estate Market Update | June 2013

By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
June 5, 2013 | © All rights reserved

Housing affordability toronto vaughanGTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

  TORONTO, June 5, 2013 -- Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012.  Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.

“The sales picture in the GTA has improved markedly over the past two months.  While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller.  A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market,” said Toronto Real Estate Board President Ann Hannah.

The average selling price for May 2013 sales was $542,174 – up by 5.4 per cent in comparison to $514,567 in May 2012.  The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto.  Average condominium apartment prices were also up slightly in comparison to last year.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent year-over-year.

“The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses.  We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price May 1 - 31
2013 2012
Sales Average Price New Listings Sales Average Price New Listings

City of Toronto ("416")

3,840 $600,791 7,264 4,024 $566,487 7,911

Rest of GTA ("905")

6,342 $506,682 11,952 6,520 $482,522 11,164

GTA

10,182 $542,174 19,216 10,544 $514,567 19,075
TorontoMLS Sales & Average Price  By Home Type May 1 - 31, 2013
Sales Average Price
416 905 Total 416 905 Total

Detached

1,475 3,731 5,206 864,536 602,576 676,797

Yr./Yr. % Change

3.0% 0.1% 0.9% 5.5% 4.3% 5.0%

Semi-Detached

434 690 1,124 633,625 409,632 496,120

Yr./Yr. % Change

-8.6% -0.7% -3.9% 7.8% 2.3% 4.1%

Townhouse

389 1,190 1,579 463,772 375,576 397,303

Yr./Yr. % Change

-18.3% -3.0% -7.3% 0.2% 4.4% 2.3%

Condo Apartment

1,499 581 2,080 372,768 293,398 350,598

Yr./Yr. % Change

-6.4% -16.0% -9.3% 1.2% 0.9% 1.6%

If you have any questions about the real estate market in Toronto, Vaughan or Thornhill, feel free to contact me.  

start your journey sky blue

OR

CONTACT ILAN NOW FOR A MORE PERSONALISED SEARCH EXPERIENCE!

  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 LinkedInTwitterYouTube and . For over 10 years, Ilan has provided more than 1400 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