Toronto Real Estate Market – January 2015
Loving the Strong Start to 2015
We’re loving the momentum the Toronto real estate market is already starting to show…there is so much pent up demand from buyers frustrated by the lack of inventory that they are extremely anxious to see listings starting to come out.
The Globe and Mail just featured a bidding war in Parkdale that attracted eight offers and ended up with a final sale price of $1,150,000 from a list price of $869,000. The home had 60 appointments for showings within six days.
Clearly the weather isn’t stopping buyers from coming out.
If you are considering selling our recommendation is to start getting ready to bring your home to market asap. (Intimidated by the process? We take care of it for you so don’t let that stop you!)
If you are a buyer, start your search now so if you find a home you love you can at least cut through some of the masses that will be coming out in the spring market.
Check out the most recent Toronto Real Estate Board MarketWatch for January 2015…
February 4, 2015 — Toronto Real Estate Board President Paul Etherington announced a strong start to 2015, with robust year-over-year sales and average price growth in January. Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1 per cent increase over January 2014. During the same period, new listings were up by 9.5 per cent.
“The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs,” said Mr. Etherington.
The average selling price for January 2015 home sales was up by 4.9 per cent year-overyear to $552,575. The MLS® Home Price Index (HPI) Composite benchmark was up by 7.5 percent compared to January 2014.
“Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well,” said Jason Mercer, TREB’s Director of Market Analysis.
Check out the January 2015 video update from the Toronto Real Estate Market
Here is the January 2015 summary from the Toronto Real Estate Board… –
Click here for the full Market Watch
Manager of Market Analysis. January 2015 Housing Charts
* Article provided by The Toronto Real Estate Board