Toronto’s real estate market received a cool reception in January, with an overall drop in sales and prices compared to the same month last year. The popularity of condos in the city, however, took some of the sting out of the overall price decline.
The Toronto Real Estate Board (TREB) reported a 4.1 percent year-over-year decrease in the average price for a Toronto home, to $736,783, as the number of sales fell 22 percent from last year’s record-setting pace. The average price of a detached home dropped 9.1 percent compared to January 2017, while the average price of condos — despite a drop in the number of sales — increased by 14.6 percent.
“It is not surprising that home prices in some market segments were flat to down in January compared to last year. At this time last year, we were in the midst of a housing price spike driven by exceptionally low inventory in the marketplace. It is likely that market conditions will support a return to positive price growth for many home types in the second half of 2018. The condominium apartment segment will be the driver of this price growth,” suggested Jason Mercer, TREB’s Director of Market Analysis.
The market will continue to evolve as buyers adjust to the new, tougher mortgage guidelines, and as we fully enter the busiest time of the real estate season. Please call today for the latest local market updates! #cbrmr