The G.T.A. Market Is Hot And Getting Hotter! Don’t Miss Out!
The G.T.A. real estate market is hot and getting hotter as the Spring selling season gets underway! “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 TREBB president Michael Collins.
Home sales across the G.T.A. in January 2020 surged 15.4% compared to January 2019, with detached homes and townhomes leading the way. Detached home sales soared 23.2%; and townhomes surged 15.9% while semi-detached homes and condominiums rose 5.1% and 8.3% respectively.
The average selling price in January 2020 accelerated 12.3% year over year to $839,363 with detached homes in the low-rise segment, and condominiums in the higher density market segment, leading the way. Detached homes surged 10.5% to an average selling price of $1,038,247. Condominiums spiked 15.1% to an average selling price of 630,047. Semi-detached homes rose 6.5% to an average selling price of $792,326. Townhomes rose 8.0% to an average selling price of $693,845.
“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.
New listings saw a significant decline, -17.1%, and active listings plummeted -35.0% year over year in January.
In the 416 Region, home sales growth was driven by detached homes in the low-rise segment of the market, up an astounding 20.8%, and townhomes in the higher density segment of the market, up 25.5% year over year. Semi-detached home sales were flat to last year, while condominium ended the month up 9.7%.
Price appreciation in the 416 Region was driven by the detached home segment. Detached homes soared an impressive 16.7% to an average selling price 0f $1,369,848. Condominiums performed strongly, up 15.0%, to an average selling price of $ 679,182. Semi-detached homes rose 1.1% to an average selling price of $1,004,208. Townhomes were down slightly, -1.9% to an average selling price 0f $ 782,274.
In the 905 Regions, sales growth in January soared with strong double-digit growth led by the detached home and townhome market segments. Sales in detached homes spiked 23.9%. Townhomes sales soared 13.3%. Semi-detached homes rose 7.0% and condominium sales finished the month up 5.3% over last year.
Price appreciation in the 905 Regions was evident across all market segments. Detached homes rose 8.7% to an average price of $957,287. Semi-detached homes rose 10.4% to an average price of $718,167. Townhomes were up 11.1% to an average selling price of $667,974 and condominiums finished the month up 14.3% to an average selling price of $521,878.
Call it a case of déjà vu? Spring 2020 looks a lot like early 2017 for the G.T.A. housing market. Home sales and home price growth are on a strong upward trajectory. Housing supply continues to seriously contract. And, buyer demand and competition between buyers for available listings is fierce, fueling multiple offer scenarios, continually driving home prices higher!
Strategically timing the sale of your home has never been more important than it is right now. If selling your home is in your plans for 2020, list your home now to take full advantage of current market conditions before the market changes, when listing supply starts to climb. Home inventories traditionally start to rise following March Break and continue to rise through April, May and June.
Reach out to me directly at 416-606-2158 at any time or send a text/email to ddodic@rogers.com and let’s get started today! Don’t delay – the 2020 market is moving at a very fast pace!
I look forward to working with you to achieve your real estate goals.
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