Greater Toronto Area Report January 2019, Steve Moran, Remax
January home sales increased slightly compared to January 2018 which is encouraging given the inclement weather experienced in the Greater Toronto Area during the last week of the month. The fact that the number of transactions edged upwards is in line with forecasts for moderate sales improvement in 2019.
Many traditional housing market drivers remain in place to support improved sales in 2019. The GTA population will continue to grow over the next year, as people are attracted to the region's diversity of job opportunities. Unemployment is expected to remain very low and home buyers are expected to benefit from lower mortgage rates, compared to 2018.
Looking forward, higher selling prices are expected this year, as slightly tighter market conditions will support a moderate pace of price growth similar to that observed in the second half of 2018. The average selling price is forecasted to increase 4.2 per cent this year across all housing categories to $820,000. Once again, condos are expected to see higher price growth this year compared to detached houses.
I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.
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