February Market Update
The average price of a home in the GTA has been on the decline since October, however in Toronto, in January we saw an increase in the average price up from $762,627 to $777,674. In January we also saw a drastic increase in the number of new listings over December, and this trend is likely to continue into the spring months. Active listings on the market have held relatively steady through December and January, though the number of days on market has been increasing in both Toronto and the overall TREB area.
In Toronto, 24% of total January sales were detached homes, with an average price of $1,174,134. The average price last year in January 2018 was $1,283,981, so we are down 8.6% year-over-year, but up 2.4% from December.
Condo apartment sales accounted for 67.8% of the total sales in Toronto in January with an average price of $591,444. This is down slightly from $594,381 in December and $595,678 in November. Year-over-year, the price has increased 8.8% from $543,279.