January 2017 picked up where 2016 left off. Sales were up year over year by 11.8%. Realtors in the GTA reported 5,188 transactions in January and only 4,640 during the same period last year. Detached homes are selling for an average of $999,102 that is an increase of 27.8% over last year.
New listings and active listings were both down last month, 17.6% and 49.5% respectfully, compared to last year. With both active and new listings, being down, it is no wonder that we saw properties in Markham, Unionville, Stouffville and surrounding areas staying on the market for an average of 19 days and selling for an average of 25.65% higher than last year.
This information is key as it tells us that the demand for homes in the GTA is at an all-time high. For those looking to buy their first home, this will be extremely difficult with all the competition, both foreign and domestic.
“Home ownership continues to be a great investment and remains very important to most GTA households”, said Larry Cerqua, President of the Toronto Real Estate Board. As we move through 2017, we expect the demand for ownership to remain high, especially for first time home buyers who, in a recent survey, could account for more than half of the transactions this year.
WHAT DOES THIS ALL MEAN?
It is a seller’s market. If you are looking to sell now is the time. With inventory remaining low because of the lack of new listings and active listings buyers are chomping at the bit to enter the real estate market. Sellers are positioned to have the upper hand as increased competition will drive the price of their homes to new levels and give them the highest return on their property.