Housing sales, prices, even new listings all up, but not everyone sanguine

(thestar.com article: Published in the business section on February 4th, 2015)

Lower interest rates could keep Canada’s two biggest housing markets — Toronto and Vancouver — buoyant for some time, even as slumping oil prices take their toll in Calgary and Edmonton where sales are dropping and prices are expected to follow.

January may have been bitterly cold, but the lack of snow brought buyers out in droves, with the Toronto Real Estate Board reporting “a strong start to 2015” in sales figures released Wednesday.

“Buyer sentiment remains very favourable in terms of the overall economy in the GTA,”

The composite benchmark price of a home in the GTA rose 7.5 per cent in January, year over year, bringing the average sale price to $552,575. Sales were up 4.9 per cent over January 2014, says TREB.

Detached-home sales across the GTA were up 7.1 per cent in January and prices up 4.2 per cent, to an average of $716,127.

Semi-detached sales were up 0.7 per cent. The average sale price of a semi across the GTA was up 7.8 per cent in January, year over year, to an average of $520,510.

Townhouse sales were up 0.6 per cent and prices were up 8 per cent across the GTA, although sales spiked by 14.5 per cent in the City of Toronto, bringing the average price to $440,058 across the GTA and $502,267 in the 416 region.

Condos recorded the highest sales growth of all housing types as more people find themselves priced out of the low-rise house market: Sales of those were up 11.2 per cent across the GTA and prices climbed an average of 3.6 per cent.

That brought the average condo price to $382,458 in the City of Toronto, up 4.5 per cent, while prices averaged $310,045 in the 905 regions, up 3.6 per cent. 

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Prasad Ari

Prasad Ari

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CENTURY 21 People's Choice Realty Inc., Brokerage*
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