With temperatures dropping to minus double digits old man winter left us looking for something to warm up to, and the January 2015 Real Estate market did just that. With sales up 6.1% from January 2014, the red hot market gave us the heat we needed, selling 4,355 properties in all of GTA. With a 9.5% increase in new listing in the first month of the year, we saw a decrease of 2.5% in active listings from January 2014 – leaving us with a hot winter market with average days on market of 31.
Both the 416 and 905 are in the green this month, with average prices increasing for all home types. The largest rise with 14.5% in price is Townhomes in the 416, selling at an average of $502,267. In the 905, the average price for Semi-Detached properties was $455,653 an increase of 9.4% from last January.
“The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs,” said Toronto Real Estate Board President, Mr. Paul Etherington.
With the drop of mortgage rates from top banks, we will see home prices grow immensely around the Greater Toronto Area. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well,” said Jason Mercer, TREB’s Director of Market Analysis.