Shortage of new listings across the Toronto region is blamed for 2.2-per-cent decline in home sales in January. Prices are up, however.
The shortage of new listings is being blamed for a 2.2-per-cent decline in home sales across the GTA in January and a more than 9-per-cent surge in prices, year over year, according to figures released by the Toronto Real Estate Board on Wednesday.
January is always a volatile month for home sales, and there’s no doubt the unrelenting cold and snow of the polar vortex had an added impact.
In fact, new listings plunged almost in line with the weather — down 16.6 per cent, year over year, with just 8,822 new For Sale signs staked in front lawns across the GTA, driving up competition, fuelling bidding wars and, with them, prices.