Toronto Surge in Home Prices!

Sales in January are up to about 12% over a year, according to the Toronto Real Estate Board. The average home price went up 22.3% to 770,745.

TREB reported 5,188 residential sales in the Greater Toronto Area through its MLS System last month, compared to 4,460 sales in January the year before.

That pick up came in spite of a 17.6% drop in the quantity of new GTA listing in January, down from 8,906 to 7,338 year-over-year.

The board additionally announced that the MLS Home Price Index Composite Benchmark cost for all private properties in the GTA was up 21.8% on a year-over-year premise in January.

There were double-digit gains in the average prices or all major home types.

TREB said rates of sales development were for higher condominium apartments than for low-ascent home sorts.

“As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers,” TREB president Larry Cerqua said in a statement.

“However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory.”
Jason Mercer, TREB’s director of market analysis, said the number of active listings on the board’s MLS System at the end of January was essentially half of what was reported as available at the same time last year.

“That statistic, on its own, tells us that there is a serious supply problem in the GTA,” he said. “The result will be very strong price growth for all home types again this year.”

In the interim in Metro Vancouver, the Real Estate Board of Greater Vancouver announced Thursday that home deals dropped by just about 40% in January from the prior year.