The start of 2013 is turning out to be a bit of a roller-coaster ride on the real estate front with sales down 8.3 per cent across the GTA in mid February year-over-year, a turnaround from the pickup in sales seen in January.
But the number of new listings was also down, which meant competition remained strong for lowrise houses in particular, which helped push up prices by an average four per cent mid month to $509,061, according to figures released by the Toronto Real Estate Board Tuesday.
“The annual rate of price growth so far in February has been in line with expectations for 2013. The average selling price in the GTA will continue to grow this year-end, but at a slower pace compared to 2012,” said Jason Mercer, senior manager of market analysis for TREB, who also noted that most of the increases driven by single-family homes.
The average price of a house in the 416 hit $555,423 in mid February, compared to $540,246 a year ago, according to the TREB sales figures.
New listings dropped from 2,465 in the 416 to 2,196.
The average price of a house in the 905 increased to $480,030, up from $458,071 in mid-February of 2012. Listings were down from 3,540 in February 2012 to 3,323 this year.
The 905 regions saw the biggest declines in sales for detached, semi-detached houses and condos — double-digit decreases averaging more than 11 per cent, according to TREB, although prices were up, including the condo sector, which saw a 2.3 increase in prices year over year.
Hardest hit by slumping sales in the 416 regions in mid February year over year were resale condos, which were down more than 14 per cent, compared to a 4 per cent decline in detached home sales and an almost 10 per cent drop in semi-detached sales. The sales of townhomes, however, were up 17 per cent in Toronto.
Resale condo prices slumped 8.4 per cent in Toronto year over year, while detached houses were up almost 6 per cent, semi-detached prices were up more than 5 per cent and townhouses almost 16 per cent, the TREB figures show.
The Toronto Star
Susan Piggs
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