Greater Toronto February 2013 Housing Statistics

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, March 5, 2013 – Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.

The average selling price for February 2013 was $510,580 – up two per cent 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 compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” added Ms. Hannah.

The MLS® HPI Composite Benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Benchmark price was up by more than three per cent on a year-over-year basis in February.

“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low, resulting in average price growth above three per cent for the TREB market area this year. Our current average price forecast is $515,000 for all home types combined in 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

February

2013

2012

Sales

Average Price

Sales

Average Price

City of Toronto -416

2,189

$552,014

2,617

$552,684

Rest of GTA – 905

3,570

$485,174

4,192

$467,514

GTA

5,759

$510,580

6,809

$500,249

TorontoMLS® Sales & Average Price By Home Type

 February 1 – 28  2013

Sales

Average Price

416

905

Total

416

905

Total

Detached

749

2,025

2,774

$823,329

$582,777

$647,728

Yr/Yr % Change

-16.9%

-15.8%

-16.1%

0.1%

3.4%

2.2%

Semi-Detached

234

382

616

$616,777

$401,981

$484,335

Yr/Yr % Change

-13.3%

-15.9%

-14.9%

6.2%

4.4%

5.6%

Townhouse

230

682

912

$450,440

$371,640

$391,513

Yr/Yr % Change

-0.4%

-5.9%

-4.6%

4.9%

7.1%

6.7%

Condo Apartment

953

399

1,352

$352,614

$281,398

$331,597

Yr/Yr % Change

-20.0%

-20.7%

-20.2%

-4.7%

4.3%

-2.5%