GTA sales fall a modest 1.3%

Phew! GTA sales fall a modest 1.3%

"Expect annual average price growth in the three to five per cent range this year,”
 
Fears of a major slowdown for Canada's largest market appear to be overblown, with January sales falling a modest 1.3 per cent from a year ago and prices actually climbing in excess of 4 per cent.
 
Some 4,375 transactions were recorded through the Toronto MLS system in January 2013, representing only a slight decline compared to the 4,432 transactions reported in January 2012.
 
“The January sales figures represent a good start to 2013," said Toronto Real Estate Board President Ann Hannah. "While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012.  This 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.”
 
The average selling price for January 2013 sales stood at $482,648, or up by 4.3 per cent compared to the $462,655 for January 2012. 
 
“There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013," said Jason Mercer, TREB’s market analyst."Expect annual average price growth in the three to five per cent range this year,”
 
The January report represents a change from December's more precipitous year-over-year decline in sales and may quell fears of a market correction, although concerns about Toronto's condo market remain very much alive, say analysts.
 
Written by  Vernon Clement Jones