Even The First Half Of December Real Estate Sales Shows Prices Up
Tuesday Dec 16th, 2014
During the first 14 days of December, residential homes sales totalled 2,496. This is a 1.9 per cent increase compared to the first two weeks in December 2013. Over the same period, listings of residential homes for sale were down by 1.8 per cent year over year.
Paul Etherington, President of the Toronto Real Estate Board said, “Greater Toronto Area households remain upbeat about buying a home, as evidenced by the increase in sales compared to last year. However, many would-be home buyers continue to have problems getting a deal done due to the lack of listings for some home types. The lack of listings has definitely been a drag on residential home sales this year,”
Mid month December showed an average residential home selling prices at $565,873, which determined an 8.6 percent increase year-over-year. Residential home price growth was driven by the City of Toronto's detached home market.
Detached, semi-detached and townhouses are still driven by a 'Seller's Market' because inventory of residential homes for sale remains so low, especially it now being the holiday winter season. "The condominium segment of the market is more balanced because strong project completions, but there has been enough Buyer interest to prompt condo price growth above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
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