January 2019 Toronto Real Estate Sales Report
Thursday Feb 14th, 2019Share
Greater Toronto Area REALTORS® reported 4,009 home sales through TREB's MLS® in January 2019, up by 0.6 per cent compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4 per cent compared to December 2018. It is encouraging to see the slight increase in January transactions on a year-overyear 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 our forecast for higher sales in calendar year 2019. The condominium apartment market segment continued to lead the way in terms of price growth. The average selling price was up by 1.7 per cent on a year-over-year basis. After preliminary seasonal adjustment, the average selling price edged lower compared to December 2018. Market 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.
The real estate market in Toronto has slumped slightly but is still a strong sellers market. Over the next few months listing invesntory will rise and buyers will start to shop. With interest rates still being relatively low I expect it will be a good spring market for sellers and for buyers. Buyers will have more leverage on negotiating as the market is more balanced then last year and at the same time strong demand for homes will make it a good time for selling. A balanced market is a good market for both buyers and sellers and so I expect sales will rise over the coming months.
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For the full market report click below: