Here's what happened in GTA real estate markets in January 2017

10 February 2017
Life and the City

Sales were up dramatically for January compared to last year with 5,188 houses and condominiums changing hands in all the districts. Sales were actually up 17% above the last 6-year monthly average.

Condo townhouse and high-rise suites took a 38.4% share of the market with 1,992 units being sold.  This percentage of the overall market is a new record for January.

The January average sale price for all GTA homes came in at a record breaking $770,745 – a significant 22.3% higher than last year.

Interestingly, sales and competition for condo suites has now brought the high-rise market into extremely high demand.
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  We had a 57% decline in inventory for the month of January compared to historical numbers and lower by 49% from last year at this time.

The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.  

In January that ratio finished at 103.1% - compared to 47% last year.  We’re still in ‘extreme’ seller market territory and there’s nothing really to slow that down going forward!

The days-on-market average for Toronto homes was just 19. 

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Here’s a summary of the significant real estate milestones from January 2017…

  • Highest ever number of overall sales for the month of January 
  • Second highest ever January ratioof sales-to-listings for the market overall AND highest ever for the downtown condo markets 
  • Active listings were down to their lowest ever for the month of January 
  • Most condo sales ever for the month of January 
  • 3% average sale price increase from January 2016 average 
  • Ratio of sales‐to‐listings has been the 2nd highest ever - Overall market 1% vs 47% in 2016 BUT the downtown condo market saw dramatic increases too...
  • C01 rocked it with 87.5% this year vs 27% in 2016 and C08 came in at 52.7% vs 25% last year   
  • First-time buyer aspitations now shifting to a condominium lifestyle – We’re predicting a much higher demand for 1 + den and 2-bedroom suites to accommodate small families 

Watch the video below to get the complete January 2017 Market Report details.

 

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Here's the complete text version of the January 2017 Toronto Real Estate Market Report that goes along with the video:


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Take a look at the infographics below to discover overall market stats, as well as stats for districts throughout the GTA, and watch the video at the bottom of this post for even more insight. This interactive map identifies the area that each district covers. Feel free to reach out to us if you have any questions regarding these stats, or if you want to learn more about current stats in your own neighbourhood!

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All Districts

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Downtown Condos

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North-Central Districts

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South-Central Districts

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East Districts

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York Districts

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