TORONTO, March 5, 2013 -- Greater Toronto Area REALTORS reported 5,759 sales through the TorontoMLS system in February 2013 a decrease of Fifteen per cent compared with Feb 2012. It should be noted that 2012 was a leap-year with one additional day in February. A 28 day year-over-year sales comparison led to a smaller decline of 10.5 percent.
The average selling price for Feb 2013 was $510,580 up 2 percent in comparison to February 2012.
"The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February matched against last. This contributed to a rather more modest speed of overall average pricetag expansion for the GTA as a whole," related Toronto Real Estate Board ( TREB ) President Ann Hannah.
"Stricter mortgage lending guidelines that precluded central authority backed mortgages on homes sold for over one million dollars and the City of Toronto's extra up front land transfer tax possibly played a part in the slower pace of luxury detached home sales," added Ms. Hannah.
The MLS HPI Composite Benchmark price covering all of the major home types eliminates fluctuations in price growth because of changes in sales mix. The Composite Benchmark price was up by more than 3 % on a year-over-year foundation in February.
"We will unquestionably experience some volatility in price expansion for some market segments in 2013. However, months of inventory in the low-rise market segment will stay low, resulting in average cost expansion above 3 percent for the TREB market area this year. Our current average cost outlook is $515,000 for all home types mixed in 2013," claimed Jason Mercer, TREB's Senior Executive of Market Analysis.
No comments:
Post a Comment