Strong Start to 2016
Greater Toronto Realtors reported 4,672 residential sales through the Toronto MLS system in January 2016. The number of transactions in January represented a 8.2% increase compared to 4,318 transactions reported in January 2015. Freehold townhomes in the GTA had the highest sales increase year-over-year.
The number of new listings reported in January was down by 6.2% compared to the same period in 2015. Active listings were 9,966 in January-down 14.1% from January 2015.
“It is clear that the handoff form 2016 to 2016 was a strong one. This is not surprising given that the recent polling conducted for TREB by Ipsos suggested 12% of GTA households were seriously considering the purchase of a home in 2016. Buying intentions are strong for this year as households continue to see home ownership as an affordable long-term investment” said Mark McLean, TREB’s President.
The average price in January was up by 14.1% from the same time last year to $631,092. Detached homes in the GTA led the way in terms of price increases at 18.5% compared to the same time last year.
“Market conditions in January were tighter compared to a year earlier, with an annual increase in sales up against a decline in listings. This is why growth in the MLS benchmarks continued to be strong, especially for singles, semis and townhouses, where there has been a persistent lack of inventory,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments increased by 11.6% in January, 2016. The average selling price of a Toronto condo increased by 8.6% in January 2016 from the same time last year to $416,104.
Condominium apartments accounted for 27.9% of total sales in the GTA for January 2016 while detached homes accounted for 45.1% of the total sales.
Other notable statistics include the average days on the market for January at 29 days, down 6.5%. The sales-to-listings ratio for January 2016 was 46.9% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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