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Strong Start to 2015

Strong Start to 2015
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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-over-year 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.
Click here to see Full Report [pdf]
Historic Annual Sales and Average Price [pdf]

Summary of TorontoMLS Sales and Average Price January 1 – 31

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto (“416”)

1,561

$581,477

3,912

1,540

$551,841

3,586

Rest of GTA (“905”)

2,794

$536,428

5,684

2,563

$512,018

5,176

GTA

4,355

$552,575

9,596

4,103

$526,965

8,762

TorontoMLS Sales & Average Price By Home Type January 1 – 31

Sales

Average Price

416

905

Total

416

905

Total

Detached

451

1,545

1,996

948,713

648,233

716,127

Yr./Yr. % Change

-2.0%

10.0%

7.1%

7.0%

4.2%

4.2%

Semi-Detached

128

290

418

667,452

455,653

520,510

Yr./Yr. % Change

-3.8%

2.8%

0.7%

7.2%

9.4%

7.8%

Townhouse

155

518

673

502,267

421,443

440,058

Yr./Yr. % Change

-9.9%

4.2%

0.6%

14.5%

6.2%

8.0%

Condo Apartment

809

392

1,201

382,458

310,045

358,823

Yr./Yr. % Change

6.2%

23.3%

11.2%

4.5%

3.6%

3.6%

Here is a video from the Toronto Real Estate Board on the January Market Watch for 2015.

[youtube id=”ER4IqR40S1A” width=”600″ height=”350″]

Source: (All data and comments in this article is an excerpt from the market watch report prepared by Toronto Real Estate Board)

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    Whether you are thinking of buying or selling your home, or are just curious as to real estate values in your neighbourhood, you will want to make sure you talk to a real estate professional who is knowledgeable and familiar with the area.

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    Scarlett Li Toronto GTA Realtor Right At Home Realty

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