GTA Average Home Price Trend & Outlook

We are well into 2014 - today is the 5th day of the Chinese New Year (立春). Hope all are having a good start.  Later this week, we will have data to see if the GTA property has a good start. Prior to that, let's have a quick review:-

- Since July 2013, the market has picked up and did better than the corresponding months in 2012.  As a result, 2013 came up on the top in terms of transactions. 2013 : 87,111 txn   vs   2012 : 85,496 txn

- From 2012 to 2013, the average home sale price (annual) increased 5.21% from $497,130 to $523,036.  

- TREB began tracking Toronto Area home price since 1966 when a Toronto home sale price averaged $21,360.  In 47 years, the price grew 24.5 times (2,449%) to $523,036.  In other words, Toronto home price appreciated by 7.04% each year.

If December and early January are early indications, the residential property supply will remain tight with a lower number of new listings.  Given buying demand being steady, Toronto home prices will continue to grow.

Here is my discussion (in Chinese) with Maggie of WOWtv on the GTA real estate market.