Sales on Merton Street picked up again with 5 units selling this January compared to 3 the previous year. January saw a significant pickup in activity compared with the previous few months and we saw good demand for entry level suites averaging 100.8% of asking price as compared to just 99.67% of list price last year.
Midtown condo sales also experienced a January sales boost with 26 units sold, up from 23 units in January 2012. Average selling prices shaved off a little to $475,771 compared with $478,833 during last January.
Merton and Midtown condo sales numbers outperformed the overall Toronto area real estate market which saw sales numbers actually easing back compared to last year.
Buyers are getting their bearings again after the implementation of stricter mortgage lending guidelines. According to TREB’s market analysis, this sales pick up is expected to bring in somewhere from 3% to 5% price growth for 2013.