Toronto Market Update for January 2018

19 February 2019
Life and the City


Last month in Toronto, we saw detached home prices decrease by 8.5% and townhome prices were down 9.9% from the same time last year. Meanwhile, sales prices for Toronto condos continued their upward trajectory with an increase of 8.8%, and semi's were up by 6% year-over-year. See a snapshot for each property type in the gallery above, and a summary of notable milestones for the Toronto and GTA real estate markets in January 2019, below. 

Summary of significant real estate milestones for Toronto and GTA markets in January 2019

  • 3rd lowest number of January sales since 2009 (4,009)
  • The ratio of sales-to-listings was 33.5% in January – This is just barely into seller market territory
  • The average sale price came in at $748,328 – which was up just 1.7% compared to January 2018 – Those mortgage ‘stress-test’ financing rules from one year ago have had a considerable effect on our market
  • Note that this overall market average was 2.6% lower than 2 years ago in January 2017
  • Overall sales in the month were flat from one year ago
  • The GTA real estate market overall averaged the days-on-market at 33 – one day slower than last year
  • Detached home sales in January 2019 with a purchase price over $2,000,000 (65) were down 19% from last year (80)
  • Affordability considerations are now shifting the market more to a condominium lifestyle – CONDO sales took a 38.4% share of the total market
  • Downtown condo active listing numbers were lower in C01 by 3% and up in C08 by 48% from last year at this time
  • January sales were down 28% in C01 and higher by 5.7% in C08 compared to 2018
  • The downtown condo days-on-market average was 25-19 days – significantly faster than the overall market
  • The ratio of sales-to-listings for condos downtown was higher in C01 (48%) than in C08 (38.7%) due to the increased listing inventory in C08 but still higher than in the overall market.
  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 5-7.6% year-over-year… slower than at any time in 2018
  • Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – all York Region communities are continuing to show that they’re in serious ‘buyer market’ territory
  • Expect sales and inventory to pick up as we progress into the spring market where listings and buyers are most active - buyers should watch for more pricing opportunities to get the condo or house of their dreams.

We can help you understand how these market stats and current conditions may affect the property values in your specific area. Get in touch with us by filling out the form below!