According to the Toronto Real Estate Board (TREB), there were 4,135 sales through the Multiple Listing Service (MLS) in January. Up by 30 per cent compared to January 2013.
January saw an average selling price of $526,528 - which is up by 9.2 per cent from the average selling price of $482,080 reported in January 2013.
“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale. This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.
The median price in January 2014 was $438,000.
The median price in January 2013 was $432,000.
“The pace of price growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices. At the same time, mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).