There were 4,581 home sales in Toronto in January 2020 – up by 15.4% compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8% compared to December 2019.
“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said TREB’s President, Michael Collins.
The average selling price in January was up by 12.3%, driven by the detached and condominium apartment segments in the City of Toronto. “A key difference in the price growth story in January 2020 compared to January 2019 was in the low-rise market segments, particularly with regard to detached houses. A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment. Strong sales up against a constrained supply continues to result in an accelerating rate of price growth,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.
Here is a breakdown of how the west end Toronto real estate market did in the month of January.
