February 2013 Market Update
5,759 homes sold in February, a strong month of sales for the members of the Toronto Real Estate Board. 4191 of those homes, (73% of the 5759 homes sold) were between $200,000 and $600,000, demonstrating that:
a) There are still affordable properties in the GTA
b) Many first time buyers are buying, and taking advantage of the low interest rates.
344 of the homes sold were over $1,000,000 with 50 of them selling over $2,000,000! Combined with the average home selling in 28 days, bidding wars for good properties and winter storms with lots of snow, it looks like 2013 will be another busy year for sales in Toronto.
The average price for a house rose in February to $510,580, bringing the year to date average to $498,536, slightly higher than the close of 2012’s $497,186, but a good indication that prices will increase again in 2013.
But why shouldn’t they? Low interest rates, a good economy, little rental accommodation and continued MASSIVE immigration to Ontario from around the world and other parts of Canada, mean that property will continue to be in demand. After all, they do say,” have you bought your land yet, they are not making any more!”
As the weather changes in March and April, more buyers will hit the streets and we will continue seeing even more bidding wars and higher prices.
My only recommendation is that if you are considering buying in 2013, do it as soon as possible to avoid the “spring rush”.
Broker of Record
Re/Max Realtron Realty Inc.*
“Home of the Top Producers”
Independently Owned and Operated*
# 1 on TREB 20111 (most transactions)