Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of January 2020.
As per the Greater Toronto Area REALTORS® report, the total number of sales in the month of January 2020 is 4581 which indicates a 15.4% increase compared to January 2019.
“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment, and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said Mr. Collins
“A key difference in the price growth story in January 2020 compared to January 2019 was in the low-rise market segments, particularly with regard to detached houses. A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment. Strong sales up against a constrained supply continues to result in an accelerating rate of price growth,” said Jason Mercer, TRREB’s Director of Market Analysis and Service Channels.
Year-Over-Year Summary :
The overall average selling price in January 2020 is increased by 12.3% with an average of $839,636 which was $747,175 in January 2019.
Area wise :
Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.