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Monthly Market Update – January 2020

Greater Toronto Area REALTORS® reported 4,581 home sales through TREB’s MLS® System in January 2020 – up by 15.4% compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8% compared to December 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, the TREB President.

“Robust regional economic conditions, strong population growth and low borrowing costs will support increased home sales in 2020. Market conditions will become tighter, as transactions will continue to outpace the growth in available listings. The resulting increase in competition between buyers will likely result in an acceleration in price growth across all major market segments” continued Mr. Collins.

The condominium apartment market segment continued to lead the way in terms of MLS HPI® price growth, but all home types experienced price growth above 7% when considering the TREB market area as a whole. The average selling price in January was up by 12.3%, driven by the detached and condominium apartment segments in the City of Toronto.

The point forecast for the overall average-selling price in 2020 is $900,000, close to a 10 per cent increase compared to the average of $819,319 reported for 2019. This forecast rate of growth presupposes that price growth will continue to be driven by the less expensive mid-density low-rise home types and condominium apartments. If the pace of detached home price growth starts to catch up to that of other major home types, the average selling price for all home types combined could push well past the $900,000 mark over the next year.

 “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, TREB’s Director of Market Analysis and Service Channels.

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Monthly Market Update - February 2020
Monthly Market Update - January 2020.
Monthly Market Update - December 2019
Monthly Market Update - November 2019
Monthly Market Update - October 2019
Monthly Market Update - September 2019
Monthly Market Update - August 2019
Monthly Market Update - July 2019
Monthly Market Update - June 2019
Monthly Market Update - May 2019
Monthly Market Update - April 2019
Monthly Market Update - March 2019
Monthly Market Update - February 2019
Monthly Market Update - January 2019.
Monthly Market Update - December 2018
Monthly Market Update - November 2018
Monthly Market Update - October 2018
Monthly Market Update - September 2018
Monthly Market Update - August 2018
Monthly Market Update - July 2018
Monthly Market Update - June 2018
Monthly Market Update - May 2018
Monthly Market Update - April 2018
Monthly Market Update - March 2018
Monthly Market Update - February 2018
Monthly Market Update - January 2018
Monthly Market Update - December 2017
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