Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. full report
Sales growth was strongest for low-rise houses including townhouses, semi-detached, and detached homes. The 905 regions had a stronger growth than Toronto, particularly in Durham and Halton. Compared to December 2011, the two regions had a sales growth of 19.6% and 23.8%, respectively.
In Toronto, sales of detached homes had a strong growth of 11.8% compared to December 2011, while sales of condo apartments declined 17%.
The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011. Compared to December 2011, the average home price was up 4.4%. Toronto had the largest house price increase of 7.8%, followed by York region of 5.3%.
Overall, the GTA housing market was better supplied in January. A total of 9655 new listings were added to the GTA housing market through the MLS system. The Sales-To-New Listings Ratio had declined in Toronto and four 905 regions and for all home types. This should make it easier for home buyers to find the home they need.
"Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012," said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.