Steady summer market
As of mid-July, Toronto home prices are sticking closely to the script. Our projected seasonal variation indicates that 2013 sales are showing the expected summer softness, before a fall market that may surprise some experts.
In fact, the first two weeks in July showed an average sale price of $510,819 – up by 8.1 per cent over this period in 2012. This year-over-year increase is greater than any we’ve seen so far this year.
According to Jason Mercer, TREB’s market analyst, a tighter market is likely to produce a faster pace of average price growth in the second half of 2013 compared to the first six months of the year. While he expects low-rise homes to be the strongest market driver, Mercer also expects price increases in resale condo apartments.
If you’re thinking of selling your home, let us help. You can email us, or call James and Joanne at 416-483-8000.