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GTA Housing Market in June 2013

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By Elli Davis, July 12, 2013 Sales RepresentativeRoyal Le Page

Toronto Skyline by Allen Mcgregor
Toronto Skyline by Allen Mcgregor

The first half of this calendar year is behind us. While the housing statistics from the first months of 2013 did not look overly positive, the situation has significantly improved in the second quarter of the year. The freshly released data from last month are proof, so here is my summary of the June 2013 real estate market in The City of Toronto and the Greater Toronto Area. 

Greater Toronto Area

Sales and Listings

As Greater Toronto Area REALTORS® reported, the Toronto MLS system recorded 9,061 sales in June 2013. Compared to June 2012 and its 9,129 transactions, this is a decline of less than 1 per cent. Three out of four analyzed housing types reported a decline, although a small one.

With 1,885 transactions, condominium apartments posed the greatest fall, of 3.5 per cent. The number of sold townhouses went down by 0.8 per cent over the year, to 1,433, and the sales of semi-detached homes decreased by 0.7 per cent to 1,003. Sales of detached homes, on the other hand, were better last month than in June 2012 — they increased by 0.5 per cent to 4,548.

New listings reported a year-over-year decline, and this fall was slightly more significant than the decrease in sales. New listings moved from 16,582 in June 2012 to 15,564 this past month.

Prices

Just as anticipated, the average selling price has increased from June 2012 to June 2013. It went up by 4.7 per cent, from $ 507,342 to $ 531,374. All four housing types reported year-over-year price growth.

The average price of semi-detached homes rose the most noticeably, going up by 6.0 per cent to $ 490,043. Detached homes follow, with a 5.2 per cent increase to $ 665,613. The price of townhouses rose by 3.3 per cent to $ 395,418. Condo prices have not changed much since June 2012, going up only slightly, by 0.4 per cent to $ 343,546.

GTA Market June 2013 by Elli Davis
GTA Market June 2013 by Elli Davis

The City of Toronto

Sales and Listings

The City of Toronto was the main reason wh overall sales numbers weren’t positive. Unlike the remaining parts of the GTA, the number of sales in The City of Toronto went down in all four housing types. Obviously, the negative (not extremely dramatic, however) numbers from the city contributed to the overall negative numbers in the GTA.

The worst numbers were recorded in the detached homes segment, where the sales declined by 6.9 per cent to 1,137. With 379 transactions suggesting a 5.3 per cent year-over-year decrease, townhouses follow. Sales of condos fell by 4.0 per cent to 1,329, while semi-detached homes (reporting 380 transactions) posed a 3.1 per cent decrease.

The number of new listings in the City of Toronto was also down on a year-over-year basis, going from the 6,697 seen in June 2012 to 5,913 last month.

Prices

The average selling price in the City of Toronto moved from $ 553,417 to $ 578,575 over the year. Semi-detached and detached homes were the main contributors to the growth. The average price of semi-detached homes rose by 9.5 per cent to $ 618,194, while the average price of a detached home increased by 8.1 per cent to $ 866,326. The average price of condominium apartments also increased, but the increase was very slight. It only rose by 0.3 per cent to $ 366,532. Finally, the average price of townhouses declined since June 2012, moving down by 1.6 per cent to $ 443,126.

Comments

As Toronto Real Estate Board president Dianne Usher summed up, “The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter.”

Indeed, everyone who pays close attention to the housing market must have noticed how much the market has improved in the second quarter of this year. Moreover, even more significant growth is expected for the second half of the year, according to Usher. Let us hope for the best and see what the next few months have in store.


Toronto Real Estate

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