January 2019 GTA Real Estate Market Report Summary
We’re now over a month into the New Year and real estate has been bouncing back after a seasonal slump in December. TREB recently released their January Market Report and said that sales were up 0.6% compared to January 2018. Sales were also up 3.4% from last month.
TREB President Garry Bhaura stated, “It is encouraging to see the slight increase in January transactions on a year-over year basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line with TREB’s forecast for higher sales in calendar year 2019.”
This is how the Greater Toronto Area’s real estate market held up in January.
The number of home sales across the GTA increased in January. In December 2018 there were 3,781 sales, which increased in January to 4,009 sales. The average price dropped a bit, but not too much. The January Slump as it’s often referred to might be the cause. The number of active listings went up in January too. There were 11,962 listings in Jan compared to only 11, 431 in December.
Price per Home Type
The average price for detached homes across the GTA fell slightly from December to January, although the number of units sold increased. However, in Richmond Hill, the average price rose from $1,364,452 to $1,465,166.
Semi-detached units across the GTA felt the effects of the January Slump. Both the average price and the number of units sold across the Toronto real estate market dropped slightly, including in Richmond Hill.
Townhouse units fared better, with the average selling price and the number of sales remaining steady. The number of townhomes sold in the Richmond Hill area increased from 6 to 11 though.
Condos continue to be the bigger seller in Toronto real estate. The average price dropped a bit, but the number of sales increased in the GTA. In Richmond Hill, the average price of condo units increased from $434,421 to $470,553. There was also an increase in the number of sales with 36 condo sales in January compared to only 24 in December.
Real estate experts aren’t concerned about the slight drops in price and number of sales. The January Slump is just seasonal, and despite freezing weather the market has increased compared to this time last year. According to TREB, “Market conditions in January, as represented by the relationship between sales and listings, continued to support moderate year-over-year price increases, regardless of the price measure considered. Given housing affordability concerns in the GTA, especially as it relates to mortgage qualification standards, we have seen tighter market conditions and stronger price growth associated with higher density low-rise home types and condominium apartments, which have lower average selling prices compared to single detached homes.”