Our delayed winter meant a lot of people were buying homes in January! Sales activity was up 6% over last year.
Not only that, but higher temperatures resulted in higher prices. Average prices climbed up 5% over December and up six percent over January 2006.
But one month, especially the first one of the year should not be the benchmark. Februrary remains to be seen with less than ideal conditions for home shopping and selling.
Still, Ted Tsiakopolous, CMHC’s Ontario regional economist stated that “The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada. Historically low interest rates, strong income growth and healthy consumer confidence are important factors in keeping January home sales buoyant across the GTA.”
He continues, saying “These are idea conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time.”
Check out the following areas to see average prices from December 2006 in your neighbourhood.
E02 -The Beach
(coxwell, danforth, victoria park)
E03 – Danforth (north)
(DVP, victoria park, danforth)
E01 – Danforth (south) Riverdale
(DVP, danforth, coxwell)
Days on market: 17
% of list: 101%
C04 – Bedford West & Lytton Park
(allen, 401, yonge, eglinton)
C09 – Rosedale (yonge, st.clair, bayview, bloor)
Days on market: 31
% of list: 97%
C03 – Forest Hill
(allen, eglinton, yonge, st.clair)
C12- Lawrence Park/Bedford East
(yonge, 401, leslie, eglinton)
Source: Toronto Real Estate Board January 2007 MarketWatch – for the full report, click here.