Archive for March, 2013

Multiple-Offers Aren’t Going Away Anytime Soon

Multiple-Offers Aren't Going Away Anytime Soon Photo

There was quite a bit of talk in the media this past fall & winter about a real estate bubble and an imminent correction.

Out on the streets though, I think most Toronto realtors would say that they don’t see any kind of major adjustment happening.

Did things slow down over the last 6 months? Certainly (although more so with condos than houses). Sale prices levelled-off in some areas and buying activity eased up a bit. The new mortgage rules that were implemented in July had a lot to do with this.

Looking at the first few months of 2013 though, it’s the realtors – not the media – who are right once again.

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Toronto Real Estate Market Report: February 2013 Statistics

Toronto Real Estate Market Report: February 2013 Statistics Photo

Following is TREB’s market report for February 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.

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