Real Estate Market Insight for the City of Toronto
Wednesday, 18 January 2017, 09:20:00 PM
City of Toronto Real Estate Market Insight
for the period of time between January 1, 2017 and January 17, 2017
January is typically a slow month in real estate sales, with kids at home during the first week, grown-ups recovering still from holiday activities, and uncooperative weather. Last year ended with a very low listing inventory and buyers eagerly awaiting new listings. We were hoping that, with a relatively mild and snow-free weather, more properties will be coming on the market early in 2017. But, so far, it didn't happen.
When compared to a year ago, number of listings and sales are a bit lower in both freehold and condominium ownership types, but not by a huge amount. Where we see a very big difference is in the proportion of listings sold above the asking price. In freehold houses 47% of listings were sold above asking this year, compared to 24% in 2016. But the largest difference is in condo sales - while only 6% were sold over asking in the first 17 days of 2016, this year 35% went over asking.
I compared the listing and sales information for the same 17 days in 2016 and 2017 in the City of Toronto (416 area).
508 houses were listed in 2017, and of these new listings 115 sold firm, and 19 were sold conditionally. Additionally, 126 older listings were sold, to a total of 241 sales.
Highest % over
Highest $ over
including condo apartments, condo townhouses, co-op and co-ownership apartments
1058 new condo listings were added to the MLS system between January 1 and January 17, 2017. Out of these new listings 148 have been sold and 224 are sold conditionally. All of condo unit sales are conditional on the buyer's lawyer reviewing the buildings Status Certificate documents.
Additionally 247 of the existing listings from 2016 were sold, to a total of 395 sales.