Today, the Toronto Real Estate Board announced the mid-month statistics.
Realtors reported 1,540 home sales thru the first 14 days of January 2017, a slight decrease from 1,564 sales reported in first two weeks of January 2016.
City of Toronto (416 Area) reported 577 sales at an average price of $631,977 while the rest of the GTA (905 Area) had 963 sales at an average price of $728,338.
TREB also stated that “new listings reported by REALTORS® during the first half of January were down by 24 per cent compared to the same period in 2016. Even with sales down slightly, the much stronger dip in new listings meant that market conditions tightened over the past year. Tighter market conditions translated into average low-rise home price growth above 20 per cent on an annual basis”.
Further tightening of the number of homes for sale, combined with continued demand for housing, may lead to further increases of multiple offer situations facing Buyers, and of course further price increases in the short and long term.