Average Selling Price for Homes Moves Up in Toronto 2013
The average selling price in the Greater Toronto Area in the first two weeks of May was $543,838, according to the Toronto Real Estate Board. Compared with $516,089 in May of 2012. Sales in the first two weeks of May dropped 9.7 per cent compared with the same period last year.
Mr. Guatieri points out that people who are keen to buy in the spring have to compete for relatively scarce detached houses available. “As we get into the spring market, we tend to see stronger demand and perhaps that is lifting prices.”
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Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012. Sales of single- detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.
"The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year's levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market," said Toronto Real Estate Board President Ann Hannah.
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