January sales through the MLS system of Toronto Real Estate Board totalled 5,188 while new listings were around half of their January 2015 level, highlighting the continuing concerns over supply.
“The number of active listings on TREB’s MLS® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.
The benchmark price of homes in the GTA surged 21.8 per cent while the average selling price increased 22.3 per cent to $770,745.
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The start of 2017 has not seen a slowdown for home sales in the Greater Toronto Area, in fact sales were up 11.8 per cent compared to the start of 2015.