There have been no shortage of media headlines about Toronto’s real estate market this year. The majority have focused on the future of Toronto’s condo market along with the overall slowdown we are seeing in the real estate market both locally and nationally.
Today I’m going to take a detailed look at the statistics behind Toronto’s real estate market half way through 2013.
The first half of 2013 saw 46,953 house and condo sales, a 10% decline over the previous year and the lowest sales volume over the past 4 years. Many have attributed this decline in sales to changes to Canada’s mortgage rules which were introduced a year ago.
The condo segment led the decline in sales showing a 12% year over year drop compared to 9% for detached and semi-detached houses followed by a 5% drop for attached row houses and a 2% decline for condo townhomes.
The volume of new listings coming on the market dropped by roughly 4% compared to the first half of 2012. This decline in the number of homes coming on the market for sale helped to soften the impact caused by the 10% drop in sales this year.