Toronto’s housing prices jumped in January as active listings fell 35% year-over-year.
Sales climbed a little more than 15% in January from December as 4,581 properties traded hands, according to data released by the Toronto Regional Real Estate Board (TREB).
That pick-up in activity combined with fewer homes on the market resulted in the average selling price in the Greater Toronto Area rising 12.3% to $839,363. Demand for detached homes was stronger than a year earlier, as sales in that category surged 23.3% year-over-year in January, while their average selling price in the GTA rose 10.5% to $1.04 million.
The local real estate board warned that there’s no end in sight to the price gains amid the persistent supply crunch. In its 2020 outlook, TRREB forecast the overall average selling price will climb to $900,000 this year, which would represent a 10% rise from the $819,319 average for 2019.
However, it warned the average price this year "could push well past" $900,000 if home price growth in the detached segment catches up to the pace seen in other property categories.
