March 2013 Market Report
TREB’s March statistics are in and the TorontoMLS systems reports 7,765 transaction in March 2013. These figures are down compared to the 9,385 transactions in March 2012. Specifically, the number of sales for detached homes in the 416 district are down 21.6% while semi-detached homes in the 416 are also down 15.1%. However, averages prices are up! Detached homes in the 416 are up 2.8% while semi-detached are also up by 6.9%.
TorontoMLS reports the average house price at $519,879, which is up from $500,875 in March 2012. Overall, TREB’s average price forecast for 2013 is 3.5% annual rate of growth.
Keeping the tone positive, we’ve seen a considerable increase in the number of listings over the past few days. Now that March break, Easter and Passover are done, we expect the market to be very active! Stay tuned.
February 2013 Market Report
The Toronto residential resale market provided some intriguing data for the month of February. Looked at as a whole it would appear that it is undergoing a negative shift, the continuation of a trend that started in the second half of 2012 and has continued into this year. On closer inspection we see a fragmented market, with some sectors as robust as the record breaking pace of early 2012, and others clearly lagging, dragging the overall performance of the market into negative variance territory.
In February, 5,759 properties were reported sold. In 2012, 6,809 properties were reported sold by the Toronto Real Estate Board, a decrease of more than 15 per cent. Notwithstanding the decline in sales compared to last year, the average sale price increased, but more moderately than recent months. Last February the average sale price came in at $500,249. This year it increased to $510,580, an increase of 2.1 percent. Increases over the past few months have been in the 5 to 7 percent range.
January 2013 Market Report
Sales results for the first month of 2013 were surprisingly stronger than anticipated. During the last half of 2012 the market witnessed consecutive negative variances, some substantial, compared to the corresponding month the year before. The Toronto Real Estate Board reported 4,375 residential property sales in January, only 1.3 percent less than the 4,432 reported sales in January 2012. Considering that January 2012 was the first of six extremely strong months last year, the results are very promising.
North Toronto is especially popular with families raising school-age children. It has everything families are looking for in a neighbourhood including good size houses, an excellent selection of public, private and separate schools, convenient access to Toronto’s transit system, and a multitude of parks and recreational facilities.
The Cricket Club neighbourhood is an established family oriented community. The local residents display a pride of ownership that can be seen on the manicured lawns and pretty gardens found throughout. Cricket Club homes are in great demand because of all the amenities that this location has to offer including upscale shopping districts, excellent schools, and close proximity to public transportation and to Highway 401.
Lytton Park is one of the most exclusive neighbourhoods in Toronto. It is home to doctors, lawyers, stockbrokers and corporate executives who value Lytton Park’s quiet charm, and its convenient access to transportation corridors leading in and out of the city. It’s other assets include beautiful homes on large lots, outstanding recreational facilities, and a close proximity to excellent public and private schools.