In January sales were up 15.3% compared to last year with 4,581 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were up by 13.8% with a 38.3% share of the market and 1,753 units being sold.
The January average sale price for all GTA homes came in at $839,363, up 12.3% 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 was lower by a huge 35% compared to last year at this time.
This inventory imbalance is causing price increase in many, but not all, GTA districts.
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 58.9% - almost 26% above last year and a continuation of what we saw in December 2019. This is an indication of a continuing strong, steady market as we start to move into the 2020 spring market.
The days-on-market average for GTA / Toronto homes was 30 days, 3 days faster than December.
Here’s a snapshot summary of the significant real estate milestones for Toronto in January 2020… with the highest appreciation rate we’ve seen since March 2018!!
- January sales up 15.3% compared to last year (4,581)
- The ratio of sales-to-listings jumped up to 58.9% in January – a busy seller market
- The January average sale price came in at $839,363– up a positive 12.3% compared to last year
- This is continuing the market momentum we’ve seen since last September
- The GTA real estate market overall averaged 30 days-on-market
- Detached home sales in January 2020 with a purchase price over $2,000,000 were up 74% (113 houses) while condo apartment sales over $2M increased by 117% (13 suites) compared to January 2019
- The CONDO share of the market was up slightly at 38.3% during the month
- Downtown condo active listing numbers were down a modest 6.3% in C01 and but lower by a whopping 25% in C08 from last year at this time
- January condo sales were up by 14.8% in C01 and increased in C08 by big 43.2% compared to 2019
- The downtown condo days-on-market average was 22 days – 8 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was slightly lower in C01 (58.8%) but increased slightly in C08 (74.1%) - Both were still much higher than in the overall market (58.9%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 11% to 18.2% year-over-year… highest that we’ve seen all this year.
- Sales numbers have now increased in many 905 neighbourhoods although appreciation percentages are lower across the board in the 905.
- With the continued market momentum we’ve seen in January, we can confidently expect 2020 sales numbers and prices this spring to increase as we progress into the typically busy March through May/June time frame, mainly due to increased demand and lack of supply.
Watch the video to get the complete January 2020 Market Report details.
Here's the complete text version of the January 2020 Toronto Real Estate Market Report to read.
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