Setting the stage for 2014: What do rising prices and volumes mean?
Home buyers were busy across the Toronto area this fall. Prices were up for low-rise homes and for condos. The number of sales was also up, in both categories. In the first two weeks of December, the average sale price for a home in the GTA was $520,379 – up 10% over the same period in 2012.
We think it’s remarkable that this level of action is taking place in the 905 area as well as in the City of Toronto. The average sale price of a home in the 905 went up $53,000 since last December (about 11.5% in 12 months.) While low-rise homes are the dominant part of the housing supply outside the City, condo apartments are now growing in importance in the 905.
Signs point to a busy year ahead
Builders are pulling back on new projects. One economist projects a 37% drop in housing starts for 2014, and 28% fewer sales of new homes. Thousands of new buyers are poised to enter the market for a first home in 2014. Finding the right properties for all of them will be a challenge for all of us in the real estate business.
If you’re thinking of selling your home, let us help you with your strategy. We can give you a clear idea of what is happening in your neighbourhood, and we have the marketing expertise to help you take advantage of the demand for housing. You can email us, or call James and Joanne at 416-483-8000.