The Toronto housing market went through a bout of winter doldrums over February 2013 according to new numbers released by the Greater Toronto Area (GTA) Realtors.
The Toronto MLS system reported 5,759 sales in February 2013 compared to 6,809 the same month last year. That makes for a 15 per cent decline in sales, though 2012 did have a one-day advantage with the Leap Year.
A 28 day year-over-year sales comparison saw a less significant drop of 10.5 per cent.
Despite slower sales, the city still saw a bit of price growth. The average for February 2013 stands at $510,580, up 2 per cent from the year before.
The shortest month of the year saw a slow-down in the luxury detached home market.
“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.
Despite less activity in the market this February, TREB believes the low-rise market is poised for a comeback later in the year.
“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.
Check out the tables below for more details…