TREB Mid-Month Report JANUARY 2015
You are probably interested in how the market is doing this year. The first statistics are out and they represent the deals done in the first two weeks. Something that you should remember is that the first two weeks of the year are traditionally slow, due to the weather and the holiday period. Many real estate agents favour these two weeks for their winter vacations.
So, here’s the report:
“GREATER TORONTO REALTORS® REPORT MID MONTH RESALE MARKET FIGURES
TORONTO, January 16, 2015 – Toronto Real Estate Board President Paul Etherington
announced that Greater Toronto Area REALTORS® reported 1,409 sales through the
TorontoMLS system during the first 14 days of January 2015. This result was up by 9.8
per cent compared to the same period in 2014. Sales were up on a year-over-year
basis for many of the low-rise home types and for condominium apartments as well.
“Despite the cold weather, home buyers remained quite active during the first two
weeks of the New Year. Households continued to take advantage of the diversity of
affordable housing options available throughout the Greater Toronto Area,” said Mr.
The average selling price for January mid-month transactions, at $510,532, was down
slightly in comparison to the same period last year.
“The slight dip in the average selling price reflects the fact that we saw a different mix of
homes sold this year compared to last year during the first two weeks of January, as
evidenced by a lower average listing price. The month-end MLS® HPI Composite
Benchmark price and the average selling price will provide a clearer view on prices,”
said Jason Mercer, TREB’s Director of Market Analysis.”
I appreciate that it could be better. But, at least wait until the end of January, which will provide the numbers for the full month. The numbers currently show a rather drastic decline from the annual 2014 average price which was set at $566,726. This $56,194 is about a 10% decline. However, it’s important to remember that this is just an average number, based upon the compilation of the deals that were done. The market really hasn’t gone down at all. A conclusion to that effect would be in error.
Brian Madigan LL.B., Broker