Greater Toronto Realtors reported 4,009 residential sales through the Toronto MLS system in January 2019. The number of transactions in January represented a 0.6% increase compared to 3,987 transactions reported in January 2018.
For the region as a whole the detached home type in the GTA experienced the largest sales increase in January at 3.5%.
The number of new listings reported in January 2019 was up by 10.5% compared to January 2018. The number of active listings reported in January 2019 was up by 0.6% compared to January 2018..
“It is encouraging to see the slight increase in January transactions on a year-over-year basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line with TREB’s forecast for higher sales in calendar year 2019,” said Gary Bhaura, TREB’s President.
The average price in January was up by 1.7% from the same time last year to $748,328. Condo apartments in the GTA led the way in terms of an average price increase at 7.9% compared to the same time last year.
conditions in January, as represented by the relationship between sales and
listings, continued to support moderate year-over-year price increases,
regardless of the price measure considered. Given housing affordability
concerns in the GTA, especially as it relates to mortgage qualification
standards, we have seen tighter market conditions and stronger price growth
associated with higher density low-rise home types and condominium apartments,
which have lower average selling prices compared to single detached homes,”
said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments decreased by 6.3% in January 2019. The average selling price of a Toronto condo (416 area code) increased by 8.8% in January 2019 from the same time last year to $591,444.
Condominium apartments accounted for 30.9% of total GTA sales in January while detached homes accounted for 42.5% of the total sales.
Other notable statistics include the average days on the market for January at 33 days, up from 32 days a year earlier. The sales-to-listings ratio for January 2019 was 33.5% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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