Toronto Market Update for January 2018

19 February 2019
Life and the City

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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.
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