According to mid-month resale housing figures from the Greater Toronto Area Realtors, the Toronto MLS system saw the number of sales drop 8.3 per cent to 2,823 transactions for the first two weeks of February.
Most types of housing saw less activity when compared to the same period in 2012.
“This means that market conditions remained quite tight, especially for low-rise home types. The result was continued price growth over last year,” said Toronto Real Estate Board President Ann Hannah in the press release.
The average selling price for the first half of February was $509,061, a four per cent boost compared to the first half of February 2012.
According to Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis, that price growth has been in line with forecasts for 2013. Experts predict prices will rise throughout the GTA though not as dramatically as in 2012.
“The basis of this price growth will be the low-rise segment of the market, for which months of inventory and therefore choice for buyers remains very low,” said Mercer.
To see how the numbers break down for individual housing types, check out the table below…