The Numbers are in! See our 'Toronto Real Estate Market Report' for the latest figures on Toronto, Vaughan and Thornhill's Resale Housing Market.
SUPPLY IS LOW AND DEMAND IS HIGH! Yes, I did have to put that all in caps because this January was unlike any other in recent memory. You could definitely say the Spring market has started, or at least from the buyers end it has... sellers are still slow to show.
January saw 16% fewer listing come on MLS than it did in January of 2013 which as you could imagine has put upward pressure on home prices.“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale. This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board. Homes sold in January 2014 averaged $526,500, which is up a whopping 9% over January 2013. “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 despite 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.
|Summary of TorontoMLS Sales and Average Price January 1 - 31|
|Sales||Average Price||New Listings||Sales||Average Price||New Listings|
|City of Toronto ("416")||1,551||$552,395||3,610||1,515||$509,502||4,189|
|Rest of GTA ("905")||2,584||$511,001||5,212||2,714||$466,772||6,388|
|TorontoMLS Sales & Average Price By Home Type January 1 - 31, 2014|
|Yr./Yr. % Change||-4.3%||-6.5%||-6.0%||14.8%||10.5%||12.0%|
|Yr./Yr. % Change||-5.0%||-8.9%||-7.7%||6.1%||6.3%||6.6%|
|Yr./Yr. % Change||7.4%||0.0%||1.8%||4.6%||10.4%||9.0%|
|Yr./Yr. % Change||7.4%||1.6%||5.6%||7.6%||11.2%||8.7%|