December 17, 2013 -- Greater Toronto Area REALTORS reported 2,483 residential sales through the TorontoMLS system in the first 2 weeks of December 2013. The quantity of new lists entered into the TorontoMLS system was basically unvaried from last year.
"The key story in the GTA housing market continues to surround the provision of listings, or lack thereof. However, growth in lists hasn't matched growth in sales. With the cost of homeownership remaining affordable, we have seen a resurgence in purchasing activity in the second half 2013. The result has been more buyers competing for fewer lists.
The average selling price for December mid-month transactions was up Ten percent to $520,379, compared against $471,602 reported for the 1st 14 days of December 2012. This is the reason why we continue to experience strong price growth," said Toronto Real-estate Board President Dianne Usher.
"Inventory levels will remain low in many parts of the GTA in 2014, particularly where low-rise home types are concerned, including single-detached and semi-detached houses and townhomes. Expect above-inflation price growth to resume next year," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.
"The key story in the GTA housing market continues to surround the provision of listings, or lack thereof. However, growth in lists hasn't matched growth in sales. With the cost of homeownership remaining affordable, we have seen a resurgence in purchasing activity in the second half 2013. The result has been more buyers competing for fewer lists.
The average selling price for December mid-month transactions was up Ten percent to $520,379, compared against $471,602 reported for the 1st 14 days of December 2012. This is the reason why we continue to experience strong price growth," said Toronto Real-estate Board President Dianne Usher.
"Inventory levels will remain low in many parts of the GTA in 2014, particularly where low-rise home types are concerned, including single-detached and semi-detached houses and townhomes. Expect above-inflation price growth to resume next year," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.
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