TORONTO, January 6, 2014 -- Greater Toronto Area REALTORS reported 4,078 home transactions through the TorontoMLS system in December 2013 up by virtually 14 % compared against 3,582 sales reported in December 2012. New lists entered into the TorontoMLS system were down by just about 4 percent over the same period. Total sales for calendar year 2013, at 87,111, were up by approximately 2 percent compared against 85,496 transactions in calendar year 2012.
"After a slow start to the year, sales growth accelerated to a brisk pace in the second half 2013. Despite the inclement weather in December, we finished the year with a respectable gain in transactions compared with 2012. Looking forward, I think that home ownership in the GTA will remain cost-effective as borrowing costs stay low. The result may be a further increase in sales in 2014," said Toronto Real estate Board President Dianne Usher. Some neighbourhoods, especially those indicated by low-rise home types like singles, semis and townhomes, may continue to have less than 2 months of inventory," expounded Jason Mercer, TREB's Senior Manager of Market Analysis.
The average selling price for December 2013 sales was $520,398 up by 8.9 percent compared against the average of $477,756 in December 2012.
The average selling price for 2013 in total was $523,036, which represented an increase of 5.2 % compared with the calendar year 2012 average of $497,130.
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