Photo: James Paolo/Flickr
Existing home sales remained strong in the GTA market, which recorded 4,355 transactions in January, a 6.1 per cent surge over the year before. Looking closely at the Toronto Real Estate Board (TREB) numbers, it’s clear much of the growth was in the suburbs.
Sales of existing detached houses, semis and townhouses in Toronto-proper all saw sales decline year-over-year while condos rose 6.2 per cent above January 2014 levels. Still, condos sales in 905 measured double-digit growth, rising 23.3 per cent year-over-year. Detached houses in the suburbs saw a 10 per cent sales increase, followed by townhouses (4.2 per cent), and semis (2.8 per cent).
Prices were up in January regardless of region or property type. The average sale price for an existing home in the GTA was $552,575, a 4.9 per cent increase over the year before and the MLS Home Price Index Composite benchmark rose by 7.5 per cent from January 2014.
“The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and townhouses. 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.
New listings also increased at a rate of 9.5 per cent, year-over-year. TREB President Paul Etherington suggested this would make it easier for some buyers to find a home. Regionally, the 416 saw a 9 per cent increase in listings, while the 905 experienced a slightly higher boost of 9.8 per cent.
Here’s the TREB table of January sales and price changes: