[URBAN NOTE] "So Far, So Good for Toronto’s Housing Market in 2013"
The Wall Street Journal's Canada Real Time blog is hopeful for Toronto's housing market. (Me, and others, are waiting for the bubble to burst.)
Mid-month figures for January put homes sales in Canada’s biggest city up 2.5% and prices up 4% compared with the same period in January 2012, the Toronto Real Estate Board said Wednesday.
Those figures appear to buck the softening trend the Toronto housing market has seen over the past year. Just a day ago, Canadian Real Estate Association numbers showed sales in the city sank 21.8% in December from a year ago, while prices climbed 6.0%.
While it may be too early to say if home sales in Toronto are poised to make a solid recovery, the figures are providing market watchers with a dose of cautious optimism.
“It will be important to watch sales trends closely as we move through the first quarter to see if some of the households who moved to the sidelines as a result of stricter lending guidelines are starting to renew their decision to purchase a home,” said Ann Hannah, president of the Toronto Real Estate Board in a statement.
Toronto’s housing market in the first half of January was buoyed by a strong performance in the semi-detached sector, where sales soared 12.2% and prices were up 11.5% compared with a year earlier. Meanwhile, condo sales continued to underperform, declining 4.4% in the first 14 days of the month, with prices down 3.3%.