TORONTO REAL ESTATE MARKET’s JANUARY 2020 SALES RESULTS
GTA REALTORS® Release January 2020 Stats
TRREB President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,581 home sales through TRREB’s MLS® System in January 2020 – up by 15.4 per cent compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8 per cent compared to December 2019.
“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said Mr. Collins.
The MLS® HPI Composite Benchmark price was up by 8.7 per cent compared to January 2019 – the highest annual rate of growth for the Benchmark since October 2017. The condominium apartment market segment continued to lead the way in terms of MLS HPI® price growth, but all home types experienced price growth above seven per cent when considering the TRREB market area as a whole. The average selling price in January was up by 12.3 per cent, driven by the detached and condominium apartment segments in the City of Toronto.
“A key difference in the price growth story in January 2020 compared to January 2019 was in the low-rise market segments, particularly with regard to detached houses. A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment. Strong sales up against a constrained supply continues to result in an accelerating rate of price growth,” said Jason Mercer, TRREB’s Director of Market Analysis and Service Channels.
media reactions to treb’s january 2020 sales results:
- RE/MAX RANKS TORONTO’S AFFORDABILITY
- CONDO SALES HITS 25-YEAR LOW
- TORONTO HOUSING HEADED FOR ANOTHER ROUND OF FROTH
- TORONTO’S ANEMIC SUPPLY KEEPS PRICING RAMPING UP
- GTA HOME SALES FORECAST TO CLIMB 10% THIS YEAR
- TORONTO HOUSING PRICES EXPECTED TO ACCELERATE FURTHER
- TORONTO JANUARY HOME SALES…HINT AT A STRONGER SPRING
- TORONTO HOME PRICES PUSHED FURTHER OUT OF REACH BY FOMO
- IS REAL ESTATE GROWING OR DECLINING IN TORONTO
- 2020 STARTS OFF WITH A BANG FOR TORONTO MARKET
- THIS IS NOT GOOD
- TORONTO PRICES EXPECTED TO SOAR…AND RENTS WILL JUMP TOO
- MOST OF CANADA’S REAL ESTATE WILL BE FERTILE GROUND FOR BIDDING WARS
- TIGHTENING SUPPLY SIGN OF ANOTHER MARKET HEAT-UP
- VIRTUOUS CYCLE WILL LIKELY DRIVE SUSTAINED SALES GROWTH IN TORONTO