The Toronto Real Estate Board reported 4,009 home sales through TREB’s MLS® in January 2019 – up by 0.6% compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4% compared to December 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 Toronto 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.
The MLS® HPI Composite Benchmark price was up by 2.7% compared to January 2018. The Toronto condo and loft market segment continued to lead the way in terms of price growth. The average selling price was up by 1.7% 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 Toronto, especially as it relates to mortgage qualification standards, we have seen tighter market conditions and stronger price growth associated with Toronto condos and lofts, which have lower average selling prices compared to single detached homes.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at firstname.lastname@example.org
“Toronto’s Condo Authority”