The Greater Toronto Area Realtors have just released the latest sales figures. Last month, there was a decrease of 2.2 per cent in sales activity made through the TorontoMLS system compared to the same time last year, with 4,135 sales in January 2014 and 4,220 sales in January 2013. The number of new listings fell 16.6 per cent in comparison to the same time last year, with 8,822 new listings last month and 10,577 new listings last January. The average selling price, on the other hand, saw an increase of 9.2 per cent last month compared to January 2013. Altogether, this means that it was difficult for some buyers to find a home.
According to Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis, price growth “will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices.” He continued that “mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA.”
Do you have more questions about the real estate market? Are you looking to buy, sell or lease a home? Contact a knowledgeable and experienced realtor with Century 21 King’s Quay today!