There has been some media coverage on the slowdown of the real estate market in January in the GTA, with claims that sales in January were at their lowest point since 2015. Sales are down from 2017 by about 30% and 16% from 2016. Although, they were very consistent with January 2018 sales, actually up by 0.6%. The markets have been pretty steady in recent months and throughout 2018. Sales activity and demand has tightened up but with the average price of a home in the GTA up by about 2%, it shows that home prices have been able to hold most of their value. See below for more details.
The New Street January 2019 Greater Toronto Region Real Estate Report //
ðŸ“Š The average price of a home in the Greater Toronto Region was $748,328
ðŸ“Š This figure is pretty much on par, down by 0.2%, from the previous month.
ðŸ“Š Up 1.7% from January 2018
ðŸ“Š Down 3% from January 2019 (when the market was getting heated)
ðŸ“Š 15% jump from 3 years ago in 2016.
ðŸ“Š Sales volume was up from last month by 6% and up from last year by 0.6%
ðŸ“Š Down by almost 30% from January 2017 and 16% from January 2016
ðŸ“Š It currently takes 33 days to sell a home on average, this is up 6.5% from last month and 3% from last year. over 40% longer when compared to January 2017..
ðŸ“Š Homes are selling for 98% of the asking price.
ðŸ“ŠThere is currently 2.7 months of supply on the market which is consistent with last month but up 35% from January 2018
Watch Selena Pollard Scott from our team break it down in this short video: