Strong Start to Toronto Real Estate Home Sales
Toronto Real Estate Board President Paul Etherington announced a strong start to 2015, with robust year-over-year sales and average price growth in January. Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1 per cent increase over January 2014. During the same period, new listings were up by 9.5 per cent.
“The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs,” said Mr. Etherington.
The average selling price for January 2015 home sales was up by 4.9 per cent year-overyear to $552,575. The MLS® Home Price Index (HPI) Composite benchmark was up by 7.5 percent compared to January 2014.
“Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well,” said Jason Mercer, TREB’s Director of Market Analysis.
What does this mean to you? With the recent decrease in interest rates it’s even MORE affordable to buy a house if you are looking. However, since there is a limited supply of homes on the market, it is a good time to sell now if you have been considering it. If you place your home for sale in Etobicoke or Toronto West with me, there is a likelihood there will be less competition from other houses on the market. That translates to a lot of buyers who will be looking at your home and willing to pay for it!
Interested in learning more? Contact me to see what your home is worth and what it takes to get it sold for a price that is worth it for you! I will walk you through your very own complimentary market evaluation, which is just that “complimentary” without any obligation on your part.