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The first month of the year saw GTA home sales slump and new listings plummet according to the latest numbers from the Toronto Real Estate Board (TREB).
January counted 4,135 sales, a 2.2 per cent decrease from the same time in 2013. Meanwhile, new listings totalled 8,822 in January, a 16.6 per cent drop from the year before. However, prices skyrocketed year-over-year with the average sale price for a home in the GTA rising by 9 per cent to $526,528.
“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,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the news release.
Here’s a look at some of the ups and downs:
- The MLS Home Price Index for the region now sits at 159.2, with the benchmark price rising 7.06 per cent year-over-year to $485,700.
- Every single property type saw a price increase, with detached homes in the 416 leading the way with a 14.8 per cent rise to a new average of $888,210.
- Sales of the most expensive property type in the GTA dropped year-over-year: 416 detached houses saw a 4.3 per cent drop in sales from last year.
- Condo prices in the 905 saw the next highest price increase, rising by 11.2 per cent to a new average of $299,118.
- Condos and townhouses in Toronto-proper lead the way for sales growth with both segments of the market seeing a 7.4 per cent bump in transactions.
- Semi-detached homes in the 905 recorded an 8.9 per cent drop in sales, the steepest drop of any property type.
For more details check out the table below: