I don’t know about you, but in my neighbourhood, there are a couple of homes that have been on the market for a while now. Is it that the sellers are asking for too much?
Or are there simply no buyers for these properties?
Is it the start of a downturn of Toronto real estate?
The overall numbers suggest, no. The number of sales transactions in June was on the same level like 2012. At the same time there are fewer new listings, indicating market conditions became tighter.
"As a growing number of home buyers, many of whom put their purchase on hold due to stricter lending guidelines, now reactivate their search, the expectation is for renewed growth in home sales in the second half of 2013," says TREB president Ms. Usher.
The average selling price in June was up by 4.7% year-over-year to $531,374. Price growth once more was driven by the single-detached and semi-detached market segments, particularly in the City of Toronto. Over the same time period, average condominium apartment selling prices remained in line with 2012 levels.
"The short supply of low-rise home types in many parts of the GTA relative to the number of households looking to buy continued to prompt strong upward pressure on selling prices of singles and semis," said Jason Mercer, TREB's Senior Manager of Market Analysis. "We have also seen enough buyers in the better-supplied condo market to provide support for selling prices at current levels."
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