Ping-ponging sales set stage for active T.O. spring

About 8.3 per cent fewer homes traded hands in the first 15 days of the month, said the Toronto Real Estate Board Tuesday. That falling demand came as supply also fell.

The 905 suffered a decline of 11 per cent, year over year, although the inventory drop helped to lift prices by just over 2 per cent.

But the much-worried-about condo market took it on the chin, with resale numbers falling 14 per cent and prices dipping about 8 per cent. That’s distinctly different from the 17 per cent rise in townhomes sales, likely a reflection of the scarcity of detached and semi-detached homes and any push away from condos.

Still the overall performance jives with analysts’ forecasts.

“The annual rate of price growth so far in February has been in line with expectations for 2013. The average selling price in the GTA will continue to grow this year-end, but at a slower pace compared to 2012,” said Jason Mercer, senior manager of market analysis for TREB.

But the numbers may, in fact, set up the market for an active spring, suggest some economists, pointing to pent-up demand that could explode come March as buyers realize that prices simply aren’t falling.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?