Other than a lot of snow and freezing temperatures, what else could slow down our Toronto real estate market? Oh yes, mortgage financing stress tests and… more snow and freezing temperatures. The weather is definitely a factor when it comes to how busy our market is so it isn’t surprising that the January house and condo sales were slower in some neighbourhoods.
With overall sales and listing inventory flat year-over-year, the average sale price rose a minuscule 1.7% from 12 months ago. The Toronto Real Estate Board stats showed that the ratio of sales-to-listings was just barely above a ’neutral’ market on average with neighbourhoods in York Region deeply into ‘buyer market’ territory.
Downtown condo sales were also hit with numbers down 28% west of Yonge and lower by 46% east of Yonge. Appreciation rates compared to January 2018 were lower too… up by 7.6% west of Yonge and by 5.2% to the east.
Curious about what your condo or house might be worth in today’s changing market?
For a condo valuation, go to DowntownTorontoCondoValues.com and for houses, click on DowntownTorontoHouseValues.com.
To keep current on market activity changes and analysis during the month, go to Facebook and ‘Like’ my Toronto Real Estate Analysis page.
Watch the video or read the JANUARY 2019 Market Report Analysis and please keep me in mind when any of your friends are talking about buying or selling real estate in Toronto.
Condo Appreciation Numbers Are Lower In January For The 1st Time [VIDEO]
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.
Watch the video to get the complete January 2019 Market Report details.
If you'd prefer to read the full market report details, click here.
For Those Of You Who Like Trivia...
Now and then we post our latest World’s Most Interesting Postcard in our Team newsletter. You might be amazed at what you’ll learn from these interesting tidbits!!
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