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  TORONTO, February 5, 2014. In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home. Greater Toronto Area (GTA) REALTORS® reported residential transactions through the TorontoMLS system were down by 2.2% in comparison to January 2013. New listings entered into the system were down by 16.6%.

average selling price for January 2014 up by 9%.

“The pace of price growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices. At the same time, mortgage rates will remain near historic lows, so despit e strong price growth, home ownership will remain affordable for the average household in the GTA, ,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
  Sales of luxury homes hit record levels in a majority of Canadian cities during 2013.
Sales of luxury homes hit record levels in more than two-thirds of Canadian cities last year — including Toronto — thanks to surging stock markets, renewed consumer confidence and shortage of enough showcase homes to meet demand.

Across the GTA, where a shortage of all price ranges of lowrise houses are impacting prices, realtors s are seeing a bidding wars even in homes listed over $1.5 million . Competition has been especially fierce among high net worth househunters in areas like Rosedale, Forest Hill, Lawrence Park, Bridle Path, Hogg’s Hollow and Oakville.

Even Hamilton/Burlington, Kitchener-Waterloo and London-St. Thomas smashed previous sales records for high-end properties in 2013.

Vancouver’s market, which saw a dramatic slump in both sales and prices in 2012, led the way in 2013 with a 36 per cent increase in high-end sales.
  Debate on Thornhill Woods condo development sparks heated debate

Residents of a Thornhill community are speaking out over a proposal to construct two residential highrise buildings in a low-density neighbourhood. The proposed condos would be built at the Jaffari Community Centre, at 9000 Bathurst Street, and would contain 377 units. Residents who live in the Thornhill Woods neighbourhood, located right beside the community centre, say they don’t want the area to become overcrowded. The Jaffari Centre has submitted a proposal to turn its 30-acre property into a high-density Muslim community which would include the highrise buildings as well as 61 townhouses.

Property Values in Thornhill Woods Patterson have been steadily increasing since its beginnings. Homes originally ranged in price from the mid $400,000s in ten years were to well over $900,000.
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