Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home. In January, the number of homes listed for sale was down substantially compared to last year, which means it was difficult for some buyers to find a home. In fact the number of new listings was down by 16.6% over January 2013. Given that the weather was extremely cold and miserable it is no wonder people did not want to put their home on the market.
"Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale. This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize," said Dianne Usher, President of TREB.