Toronto realtors reported 4,581 home sales through TRREB’s MLS® System in January 2020, marking the rise in sales by 15.4 per cent compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8 per cent compared to December 2019.
Sales in detached homes segments were up by 23.3 per cent. Semi-detached homes segment grew by 5.1 per cent, condominium segments by 8.3 per cent and townhouse segment by 15.9 per cent.
The MLS® HPI Composite Benchmark price was up by 8.7 per cent compared to January 2019 – the highest annual rate of growth for the Benchmark since October 2017, according to TREB.
The average price in January was up by 12.3 per cent, reaching $839,363. The prices were driven by detached and condominium segments. Detached home prices were up by 10.5 per cent, condos by 15.1 per cent, with an average price of $1,038,247 and $630,047 respectively. Prices in the semi-detached segment were up by 6.5 per cent and 8 per cent for townhouse segments.
The inventory in Toronto was experiencing a hit. With new listings down by 17.1 per cent and active listings down by 35 per cent. The sellers are king for now. With the current steady decline of listings, the situation might just get worse for buyers before it gets better.
Richard Silver, Sales Representative, SVP-Sales
Warning: There is an ever-increasing shortage of property and massive amounts of offers on all product.
If you have been holding off to buy or sell, get off the fence. You will pay more for the house you want to buy next year and with the shortage of listings out there you will get to sell in a great seller's market. Buying and selling in the same market is the trick, however as prices increase the difference between what you sell and what you but will widen.
If you are a first-time buyer, get out there and don't be discouraged by the number of frogs you may have to kiss before you find a prince. This is not a time to hold back, it's going to get worse. If you keep losing in multiples, keep at it and you will win the next time. Time to think long term!