GTA & Toronto Real Estate Statistics

GTA & Toronto Real Estate Statistics - January 2013

February 4, 2013 - The January, 2013 sales figures were released today by the Toronto Real Estate Board and showed somewhat mixed results versus the year-earlier period. Generally, the recent trend of "lower sales volume but higher prices" continued, but the differences by area were noteworthy.

In the 416, for example, the number of sales of detached homes fell 7.6% versus January, 2012. In the 905, that number increased by 3.7%. Some attribute the recent "stumble" in the 416 to the increased Land Transfer Tax - but that Tax increase, as I've pointed out here before, came into effect on February 1st, 2008...five years ago.

Condo sales and prices continued their decline, albeit at a slower rate than in recent months. Condo unit sales were off 5.1% to 1,051 units overall, while condo prices were off 1.2% overall versus the year-earlier month.

Prices for all other house types rose in both areas year-over-year. In the 416, the average sale price for detached homes rose 2.7% to $765,049, and in the 905 that average rose 6.8% to $563,675 compared to January, 2012. The overall average - for all home types in all TREB areas - rose from $462,655 to $482,648...up 4.3%.

New listings were up 10.7% overall to 10,624. Total active listings rose 15.8% to 14,231 which, considering the monthly unit sales total of 4,375, indicates a healthy, balanced supply of about 3.25 months.

Also noteworthy is the average time on the market: In January, 2012, it took 32 days to sell the average home. This January, that number is up to 37 days-on-market ["DOM"].

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