GTA Prices Rise 4% in January
For the last six months sales have been softening a bit, but finally in January we saw some gains.
For the last six months sales have been softening a bit, but finally in January we saw some gains. January 2013 was actually an unusually active month; January is usually all about slow markets, snow storms and the occasional desperate seller that wants to move down to Boca Raton because they’ve finally retired from that job at the bank. For the first two weeks of the month had an average home sale price of $459,000, up about 4% from December sales.
Less Emphasis on Condos, More Emphasis on Semi-detached Homes
In a continuing trend the condo market has softened while the semi-detached home market has bulked up. More and more people are looking at traditional homes as a long term investment. Some are looking for a little more luxury than others, but the average price throughout the GTA was a whopping $459,000, with many $800,000+ homes on the market area-wide. Condos being listed on the market on the other hand dropped down by about 5% in the 905 area code, with a price drop of about 3.3%. Not the biggest jump, but not a good time to be a condo owner in Toronto that wants to sell.
Home Sales Down in Toronto but Up in Oakville
Home sales overall fell in Toronto but they’re up all over the GTA including Oakville luxury real estate. More and more people are looking to get away from all the cranes and traffic glut in Toronto proper (more cranes are up in Toronto than all of Canada and 2x as many as there are in NYC rebuilding after Sandy). Sales of homes increased by 12% this year compared with last year (more homes were sold successfully) and prices went up about 4-5% depending on where you’re buying.
More Choices as Market Heats up in February
January saw a somewhat unusual increase in the amount of home listed, but many buyers are having a hard time finding the home that’s just “right’ for their needs. February is one of the traditional boom months for home sales and more and more homes will be listed as the coldest part of winter is behind us. March is the best time for buyers to start looking, but January and February can be a great time for sellers that don’t want to have to deal with stiff competition – especially when it comes to luxury Oakville real estate.
The Goodale Miller Team is based in Oakville, Ontario, specializing in luxury homes for sale, is Canada’s #1 Century 21 team for 8 years running. Visit us today at http://www.goodalemillerteam.com/
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