The average resale price hit $482,648 in January, a 4.3 per cent year-over-year increase, according to new data released today by the Toronto Real Estate Board (TREB). There were 4,375 sales through the GTA last month, a decline of 1.3 per cent from January 2012.
“The January sales figures represent a good start to 2013,” said TREB President Ann Hannah, in a press release.
“While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market.”
Jason Mercer, TREB’s Senior Manager of Market Analysis, said that he anticipates further growth in home prices in 2013 as there will be enough competition between buyers in the marketplace.
“Expect annual average price growth in the three to five per cent range this year,” he said.
Check out the tables below for a more comprehensive breakdown of TREB’s January resale data.