January 2015 Monthly Report

January 2015 Resale Home Sales

According to Toronto Real Estate Board President Paul Etherington we have a strong start to 2015, with robust year-over-year sales and average price growth in January. Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1 per cent increase over January 2014. During the same period, new listings were up by 9.5 per cent.

"The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs," said Mr. Etherington.

The average selling price for January 2015 home sales was up by 4.9 per cent year-over- year to $552,575. The MLS® Home Price Index (HPI) Composite benchmark was up by 7.5 percent compared to January 2014.

"Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well," said Jason Mercer, TREB's Director of Market Analysis.

January 2015 2014
2015 Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 1,561 $581,477 3,912 1540 $551,841 3,586
Rest of GTA ("905") 2,794 $536,428 5,684 2,563 $512,018 5,176
GTA 4,355 $552,575 9,596 4,103 $526,965 8,762
Detached 2015 Sales VYA Average Price VYA
Sales City of Toronto ("416") 451 -2.0% $948,713 7.0%
Rest of GTA ("905") 1545 10.0% $648,233 4.2%
GTA 1996 7.1% $716,127 4.2%
Semi-Detached 2015 Sales VYA Average Price VYA
Sales City of Toronto ("416") 128 -3.8% $667,452 7.2%
Rest of GTA ("905") 290 2.8% $455,653 9.4%
GTA 418 0.7% $520,510 7.8%
Townhouse 2015 Sales VYA Average Price VYA
Sales City of Toronto ("416") 155 -9.9% $502,267 14.5%
Rest of GTA ("905") 518 4.2% $421,443 6.2%
GTA 673 0.6% $440,058 8.0%
Condo Apartment 2015 Sales VYA Average Price VYA
Sales City of Toronto ("416") 809 6.2% $382,458 4.5%
Rest of GTA ("905") 392 23.3% $310,045 3.6%
GTA 1201 11.2% $358,823 3.6%
Source: Market Watch Monthly News Release

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HenryL Lam

HenryL Lam

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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