Toronto Market – Up or Down: Your Call (January 2017)
The Toronto Real Estate Board has just released its statistics for the first two weeks of January. This is the report:
JANUARY 2017 TREB MID-MONTH STATISTICS Greater
Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®. Over 45,000 TREB Residential and Commercial Members serve consumers in the Greater Toronto Area. TREB is Canada’s largest real estate board.
January 20, 2017 – Greater Toronto Area REALTORS® reported 1,540 home sales through TREB’s MLS® System during the first 14 days of January 2017.
This result represented a slight decrease of 1.5 per cent compared to the first two weeks of January 2016, when 1,564 home sales were reported.
Sales were down on a year-over-year basis for detached and semi-detached houses, both in the City of Toronto, and the surrounding regions making up the balance of TREB’s market area. This ebb in sales likely had more to do with a lack of listings than a lack of demand.
Sales for condominium apartments and townhouses were up on an annual basis.
New listings reported by REALTORS® during the first half of January were down by 24 per cent compared to the same period in 2016. Even with sales down slightly, the much stronger dip in new listings meant that market conditions tightened over the past year.
Tighter market conditions translated into average low-rise home price growth above 20 per cent on an annual basis.
The average selling price for all home types combined was $692,234 during the first two weeks of January 2017, representing a 16.3 per cent increase compared to a year earlier.
Average annual rates of price growth were driven by the low-rise market segments, but price appreciation for condominium apartments remained above 10 per cent for the TREB market area as a whole.
One of the obvious questions would be: “how’s the market doing”.
You probably would want to know what some of the numbers were from 2016.
Set out below are the numbers for the start of 2016 followed by the end of the month numbers for the balance of the year.
These are the average purchase prices for a single family home in the Greater Toronto Area, which includes condominiums, co-operatives, townhouses, semi-detached and detached, throughout 2016 as follows:
$608,714 January 1st
$595,019 January 15th
$630,193 January 31st
$777,181 November highest price
$692,234 January 15th
This present $692,234 figure is basically a rollback number to a date sometime in the early part of April 2016.
The height of the market was November 30th. After that, we saw a decline. We are now $84,947 off the peak. That’s a decrease of 10.9%.
However, we are actually up $83,520 from the beginning of 2016, which is a 13.7% increase since then.
So, what do you say: up 13.7% or down 10.9%?
Brian Madigan LL.B., Broker