Before you blame the polar vortex for creating a sales chill, consider this stat: new listings entering into the MLS system in the first two weeks of January fell by 20 per cent year-over-year.
“Aside from the fact that January sales from year-to-year tend to be volatile, the dip in sales during the first two weeks in January was likely due in large part to a lack of new listings. Quite simply, some would-be home buyers could not find a home that met their needs,” said Toronto Real Estate Board President Dianne Usher in a news release.
Though sales and listings dipped, prices were still riding high. The first half of January saw a 12 per cent year-over-year average price increase to $515,990 (Tweet this).
“Listings will remain below the pre-recession peak and sales are expected to increase over 2013. This means that we will continue to see substantial competition between buyers for some home types and in some areas of the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
For more details, check out the table below: