Toronto Real Estate: February Market News
February 27, 2014
If you’re following the market news in Toronto, we seem to be hearing the same thing month after month – sales are down by volume, but prices are up. There was a slight difference during fhe first half of February, though. The average home price was up 7.8% over February 2013, but sales were up also, but just 1.6%. In terms of real numbers, 2,767 properties sold as compared to 2823 in the first half of February 2013. In the same period in 2012, over 3200 properties in the GTA sold.
So what is causing the slowdown? It’s a bit of a catch-22. You may be able to sell your current home quickly and for a high price, but unless you’re downsizing to a condo or moving out of town, you’re going to be paying a high price on any other house in the city you want to buy. Lack of inventory on the market means that most people looking to move soon want to buy a place before they put their home on the market.
I don’t expect to see this situation changing any time soon – detached and semi detached homes will always command a premium because land is so limited.
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