Greater Toronto Area Report January 2020
Steve Moran, Remax
Toronto's housing market bucked the typically slow winter month of January, with rising competition for homes pushing up the average residential sale price.
Home sales in the Greater Toronto Area increased 15 per cent over January last year, when activity slowed because of tougher borrowing rules.
Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. As fewer homes were listed for sale the slim inventory helped drive up the average selling price of a home to $839,363 last month from $747,175 a year ago.
Looking forward, the Toronto Real Estate Board forecasts the average price of a Toronto-area resale home will rise nearly 10 per cent this year to $900,000, with steady population growth, low unemployment and low borrowing costs underpinning substantial competition between buyers in all market segments.
If you are interested to purchase a home, I suggest that you begin to have a discussion with a lender and I'll be happy to facilitate an introduction to a lender or mortgage broker.
I am ready to help you with all of your real estate needs. Contact me today at 416-949-1684 or visit http://www.stevemoranhomes.com.
Have a great day!