I was pleasantly surprised to see that despite the terrible weather we’ve had there was a slight increase in homes sold in January from a year over year basis. A total of 4009 to be exact. Falling into line– so far! -with the Toronto Real Estate Board’s prediction that 2019 will end with about 83,000 homes being sold.
The average price in the GTA is up at $748,328 and sales in the City of Toronto rose to $777,614. Some would say January activity is pretty flat, but what we need to understand is the fact that almost half of the sales in January were condominiums and townhouses, overall this gives us a lower average price.
In fact, it turns out that the market is quite strong, when you consider the number of new freehold listings decreased last week – possibly due to the inclement weather we experienced. 20% fewer listings week-over-week created increased competition with 45% of sales selling at or above the asking price. The busiest part of town is still the east end of the city where multiple offers are still the norm. More than 85% of the properties sold over asking.
The condominium market continues to be strong – up 8.8% on a year-over-year basis with the average sale price at $591,444 for the City of Toronto - and we will see continued price increases in that area for a number of reasons. One, is that that is the price range that many can afford, two, we have a huge shortage of rental units and condominiums fill that demand, and three, rental rates continue to increase, making condos an even better investment.
No doubt that as the weather warms and we approach Spring so will listings increase and the level of activity will pick up.
If you know of someone who is looking to buy or sell, please give me a call, I promise to take care of them extra well!
Have a great February!
Your Friend in Real Estate,
Suzana ( Sue ) Davies
Sales Representative ®
Bosley Real Estate Ltd., Brokerage*
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