Greater Toronto Area Real Estate Agents have recorded over 4,078 residential transactions took place in Toronto for the Month of December 2013. That number is an increase of 14 per cent when compared to 3,582 transactions which were recorded in December 2012.
The amount of new properties which were listed for sale on the MLS (Multiple Listing Service) actually decreased by over 4% when compared on a year over year basis.
Full sales for calendar year 2013, stood at 87,111, and were actually up by approximately two per cent compared to 85,496 transactions in calendar year 2012.
There was a bit of a slow start at the beginning of the year, sales growth accelerated to a brisk pace in the second half of 2013.
The Realtor board stated the following
"Despite the inclement weather in December, we finished the year with a respectable gain in transactions compared to 2012. Looking forward, I believe that home ownership in the GTA will remain affordable as borrowing costs stay low. The result could be a further increase in sales in 2014," said Toronto Real Estate Board President, Dianne Usher"
In addition the following aspects of the Toronto upward trend in housing prices.
"The average selling price will be up again in 2014 and by more than the rate of inflation. The seller's market conditions that drove price growth in the second half of 2013 will remain in place in many parts of the GTA. Some neighbourhoods, especially those characterized by low-rise home types like singles, semis and townhomes, will continue to have less than two months of inventory," said Jason Mercer, TREB's Senior Manager of Market Analysis.
More than ever before the price of condo and real estate in the city is seeing further price appreciation.
Selling prices for December 2013 sales was $520,398 an increase of 8.9% compared to the average of $477,756 in December 2012.
The average selling price for 2013 as a whole was $523,036, which represented an increase of 5.2 per cent compared to the calendar year 2012 average of $497,130.