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.
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