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Market Watch - January 2017

Strong Start to 2017


Feb. 3, 2017 Toronto Real Estate Board reported 5,188 residential transactions in January 2017. This result was up by 11.8% compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.
 
January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.
 
As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, could account for more than half of transactions this year.
 
The average selling price was up by 22.3% to $770,745 with double-digit gains in the average prices for all major home types.
 
The number of active listings at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year," said Jason Mercer, TREB's Director of Market Analysis.
 
In Mississauga there were 83 Condo Townhomes sold at an average price of $505,024. Sold prices averaged 107% of asking price and average days on the market were 16.

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