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Selling storm hits Toronto

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Guest | 05 Jan 2014, 09:24 PM Agree 0

December was the season for sales and snow in Toronto with home sales rising by 14 per cent, marking an unusual upswing in the market during that time of the year. According to year-end figures released by the Toronto Real Estate Board (TREB), total home sales were up two per cent last year from 2012.
“After a slow start to the year, sales growth accelerated to a brisk pace in the second half of 2013. 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 TREB’s President Dianne Usher.
The average selling price through the Toronto MLS system in 2013 was $523,036, representing an increase of 5.2 per cent compared to $497,130 in 2012.
The association is predicting that the selling price will increase again in 2014 and “more than the rate of inflation.”
This rise may be dented if Canada buckles under global pressure to raise interest rates in 2014. Finance Minister Jim Flaherty admitted that this may occur as the U.S. Federal Reserve pulls back on its stimulus efforts and the U.S. economy rebounds.
  • robertede | 06 Jan 2014, 03:01 PM Agree 0
    This is nothing but a regurgitator of the commonly-held view spewed out by all the "weather station+ business news" talking-heads.

    Rates cannot go up in Canada unless US rates go u
    US rates cannot go up because the gov't is the biggest borrower and their budget will be most affected by the increase in "debt-servicing" costs

    YES, the 30 yr will go up a tad, and the mortgage lenders will try to pull their "5yr bond rates went up" scheme again as they did in Sept/2013 (almost wholly reversed now)

    It'll be 2015 (late) before short rates move --- once everybody realizes that official CPI 2.0% inflation actually is 4% in real life .... but that realization has not been discussed yet (nevermind broadcast by the "business news stock touts)
  • preeti22 | 07 Jan 2014, 09:10 PM Agree 0
    Hii Myself John Rossi an realestate agent from Toronto infact 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.
  • rivera34 | 09 Jan 2014, 01:42 AM Agree 0
    Toronto’s prices for real estate are really too high. The housing market is overvalued. And I’ve read it many times that in 2014 the prices will be even higher. Industry experts say the real estate market won’t crash. Toronto remains a vibrant city with a growing core that is attracting people from all over the world. Prices have certainly been rising, but compared to other major cities, Toronto is still an affordable option. There are so many constructions that are planned for 2014. I hope the prices won’t affect people so much.
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