The Toronto Real Estate Board reported 1,540 home sales through TREB’s MLS® System during the first 14 days of January 2017. This result represented a slight decrease of 1.5% compared to the first two weeks of January 2016, when 1,564 home sales were reported.
Sales were down on a year-over-year basis for detached and semi-detached houses, both in the City of Toronto, and the surrounding regions making up the balance of TREB’s market area. This ebb in sales likely had more to do with a lack of listings than a lack of demand. Sales for condominium apartments and townhouses were up on an annual basis.
New listings for the first half of January were down by 24% compared to the same period in 2016. Even with sales down slightly, the much stronger dip in new listings meant that market conditions tightened over the past year. Tighter market conditions translated into average low-rise home price growth above 20% on an annual basis.
The average selling price for all home types combined was $692,234 during the first two weeks of January 2017, representing a 16.3% increase compared to a year earlier. Average annual rates of price growth were driven by the low-rise market segments, but price appreciation for condominium apartments remained above 10% for the TREB market area as a whole.
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“Toronto’s Condo Authority”