Toronto Home Sales Fall Sharply in January - Can I Call You Today?
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Greater Toronto Area Report January 2018, Steve Moran, Remax
Home sales in the Toronto region fell 22 per cent in January compared to the booming market a year ago, but the condominium sector remained strong as buyers chased a declining number of available units listed for sale.
The average Toronto area home price dropped 4.1 per cent in January from the same period a year ago to $736,783.
Most of the price drop occurred on the back of detached houses. Those homes sold for an average cost of $970,823 in January, 9.1 per cent lower than January 2017.
Condo prices continued to climb. The average condo price increased 14.6 per cent in January from the same period a year ago to $507,492.
The condominium market will be the driver of price growth in the Toronto region this year as demand for the most-affordable housing option continues to outstrip supply.
I expect that home sales and price growth will climb again in the second half of 2018 as the market shakes off the dampening effect of last year's housing market reform, and it absorbs new policies such as the mortgage stress test rules that took effect Jan. 1, along with higher interest rates.
Thanks for watching, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.