Feb 4 2010

According to the Toronto Real Estate Board’s January report, released yesterday, January was a wild month for Toronto home sales.

TREB reported 4,986 transaction through the Multiple Listing Service in January 2010. This is an 87% increase in sales of January 2009.

The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to $343,632 in the same month last year.

Although these figures are striking, one should keep in mind that last January was a dismal month smack in the middle of the global financial meltdown. With regard to the 19 per cent price increase, this number may be skewed by the types of houses selling. The more modest gains reported by Teranet’s House Price Index give better insight into Canada housing values.

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