What does it mean for YOU?
Today the Toronto Real Estate Board announced its January statistics which are no real shock to me. The numbers fall into line with our observations and it looks like this could be another active year in the GTA Real Estate Market.
With a Reported 4,375 sales in January 2013 compared to 4,432 in the same month 2012 the decline in number of sales is not as much of a decline as the later part of 2012. “It suggests that some buyers who put their decision to purchase on hold last year” “are once again becoming active in the market” according to President Ann Hannah.
“Its interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part to the additional upfront land transfer tax in the City of Toronto” she went on to say.
With Average prices for January 2013 up 4.3 % compared to 2012. Jason Mercer, TREB’s Senior Manager of Market Analysis says “There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013, Expect annual price growth in the three to five percent range this year”
Keeping in mind that these figures are coming from the Real Estate Board that serves mainly the GTA it keeps in tune with the RE/MAX Ontario Atlantic report from our conference earlier this month where the expectation across Canada according to the RE/MAX findings will see slight price increases and very slight unit of sales decrease.
Being in the preferred location of most newcomers to Canada it all fits into place.
My suggestion is to talk to us about your specific situation. As it always is, home ownership is personal, and we have the resources to help you with your decisions.
Summary of TorontoMLS Sales and Average Price January 1-31, 2013
Sales Avg Price New Listings
City of Toronto (416) 1,559 $507,859 4,207
Rest of GTA (905) 2,816 $468,691 6,417
GTA Total 4,375 $482,648 10,624
Sales Average Price New Lisitngs
City of Toronto (416) 1,667 $498,534 4,015
Rest of GTA (905) 2,765 $441,024 5,583
GTA Total 4,432 $462,655 9,595