According to the latest statistics from the Toronto Real Estate Board, home sales were up by 6.1 per cent in January 2015 over the same time last year, with 4,355 home sales. New listings increased further, by 9.5 per cent.
“The January results represented good news on multiple fronts,” said the president of the Toronto Real Estate Board, Paul Etherington, in a press release. “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.”
The average selling price increased by 4.9 per cent over January 2014, to an average of $552,575.
“Home price growth is forecast to continue in 2015,” said the Director of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “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 experience for low-rise home types, including singles, semis and townhouses. However, robust end-user demand for condo apartments will result in above-inflation growth in the high-rise segment as well.”