Home Sales fall sharply in January

Home sales in the Toronto region fell sharply in January compared to the booming market a year ago, but the condominium sector remained strong as buyers chased a declining number of available units listed for sale.

Number of homes sold in the Greater Toronto Area fell 22 per cent in January compared to a year ago as the volume of new listings climbed by 17 per cent. The number of active listings at the end of the month rose 136 per cent compared to the same time last year, TREB said.

As listings rose, the average sales price for all types of homes fell 4.1 per cent across the GTA in January to $736,783, a decline from $768,351 a year ago, weighed down by weakness in the detached house segment. However lack of inventory in condo market led to a 22-per-cent drop in the number of condo units sold in January across the GTA compared to a year ago, while the average condo price climbed 15 per cent to $507,492 across the region.