According to the Toronto Real Estate Board (TREB), there were 4,355 sales through the Multiple Listing Service (MLS) in January. Up by 6.1 per cent compared to January 2014.
January saw an average selling price of $552,575 - which is up by 4.9 per cent from the average selling price of $526,965 reported in January 2014.
"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 said Mr. Paul Etherington, President, Toronto Real Estate Board.
The median price in January 2015 was $465,000.
The median price in January 2014 was $438,000.
"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.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).