Condo Appreciation Numbers Are Lower In January For The 1st Time

By: Thomas Cook

Condo Appreciation Numbers Are Lower In January For The 1st Time

Sales were flat for January compared to last year with 4,009 houses and condominiums changing hands in all the districts.  This was the 3rd lowest number of sales for the month since 2009 and almost 10% below the average over the past 9 years.
Condo townhouse and high-rise suites took a significant 38.4% share of the market with 1,541 units being sold.
The January average sale price for all GTA homes came in at $748,328 – this was a very modest 1.7% increase from one year ago.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of January compared to historical numbers decreased by 9.9% but were flat compared to last year at this time.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and probably keeping us from seeing a slump in prices in some GTA locations.
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 33.5% - identical to last year.  The GTA overall is barely into seller market territory so sellers may need to adjust their pricing expectations if they want to make a move.
The days-on-market average for GTA / Toronto homes was 33 days, 2 days slower than in December. 

Here’s a snapshot summary of the significant real estate milestones for Toronto in January 2019… it looks like fewer people want to sell and there are fewer buyers in many of the outlying districts.

Watch the video to get the complete January 2019 Market Report details.

Here's the complete text version of the January 2019 Toronto Real Estate Market Report to read.
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