January Sales In Toronto Were The Second Best This Millennium

Although the TREB Board President was claiming this week that sales in January were driven in part by an attempt to avoid the Toronto Land Transfer Tax which took effect February 1st, sales were slightly down (by 1.9%) from the record sales in January 2007.

The 5,075 sales (with $1,900,329,582 in volume) during the month were the second best for a January this millennium.  The ratio of sales-to-listings came in at 31.9% meaning we had about a three month’s supply of homes on the market.  This is the highest it’s been for a January since 2002… still a busy seller’s market.

The average sale price during the month was $374,449, down less than 1% from the 2007 year average of $376,902.  Condominium townhouses and high rise suites totaled 33.9% of all TREB sales… the third highest since 2000.

Average days on market came in at 35, down from 12 months ago.  Seemingly we’re not being affected at all by the turmoil in the real estate market down south.

Just under 60% of the market sales occurred between $200,000 and $400,000 indicating that there are still lots of affordable homes out there for a wide range of budgets and lifestyles.

Listings available on the market in January (15,911) were the lowest since the same month in 2003.  No wonder our buyer agent Team were complaining all month about ‘no inventory’ to show our buyer clients!  If this trend continues, it will probably be a result of the City Of Toronto’s new land transfer tax which will affect ‘move-up’ buyers more than first-time buyers.

By the way, if you’d like to get an estimate on what Toronto and Ontario land transfer tax you might be facing, CLICK HERE for a complete chart.

Sally and some of our Team members are already encountering that ‘scourge’ of buyer agents – the multiple offer – typically caused by lazy agents under-listing their seller’s homes in order to ‘blow it out’ quickly. 

We’ve seen sellers miss getting the price they deserved and we’ve had many buyers seduced (and disappointed) by the low list price when it wasn’t even close to real market value.  The art of doing an accurate appraisal seems to have gone out the window.

The good news… we’re seeing inventory levels starting to rise thereby offering more choice to house or condominium buyers in Toronto. 

And, as the chart to the left indicates, the average sale price in Toronto continues it’s gradual but steady rise.

If you’d like to read the full Toronto Real Estate Board MarketWatch Report, CLICK HERE.

« Cardio Timing: The Secret to Burning Fat Up To 300% Faster | Home | What Buyers Need to Know in Today’s Market »