GREATER TORONTO AREA MARKET WATCH END OF YEAR 2013
Tuesday, 04 February 2014, 07:19:42 PM
It seems this year the newscasts are on better terms with the Real Estate industry as the headlines are more positive. We are pleased to share the basic general figures of the Real Estate Market in the GTA as of December 2013.
Though at the beginning of the year the number of sales was lower, there was a strong number of sales from April to July, followed by a steady second semester. December had a steep 14% and the year ended with a total of $87,111 units sold.
The Year Average Price for the Greater Toronto Area had a 5.21% year increase from $497,130 in 2012 to $523,036 in 2013.
Every single neighbourhood is comprised of several sub pockets with their own data that should be analysed accordingly.
For 2014, provided borrowing costs will remain affordable, we foresee a strong home ownership market. Boomers in established low rise residential neighbourhoods are staying home longer adding more pressure to the prices as there is limited land availability. The new residential norm all over the city is single homes are being converted to townhouse projects containing several units. As there is more employment being offered in the core of the city, condos will continue to lead the market numbers with strong presence in the subway corridors.
In the past 10 years there has been a steady increase in prices fluctuating in the 6.0% mark per year and a constant number or properties sold averaging 83,500 units.
Please let us know if you would like to review a detailed report on your neighbourhood and we would be pleased to send it.