Toronto home sales showed a 12% annual growth in January
The latest report by the Toronto Real Estate Board (TREB) shows that January home sales in the biggest Canadian city followed the upward trend seen in 2016, marking an 11.8% annual increase even despite a sharp listings decline.
According to TREB, there were 5,188 residential sales in the GTA through the MLS System in January, while it was 4,460 a year earlier.
This increase appeared in spite of a 17.6% decline in the GTA new listings, reported last month: from 8,906 to 7,338 on a year-over-year basis.
The MLS Home Price Index for all residential homes in the GTA rose by 21.8% annually.
Condo sales in Toronto are rising sharply due to expensive low-rise houses
The latest report shows that extremely high prices for low-rise properties made Toronto buyers switch to condominiums in 2016, pushing the inventory to the lowest level in ten years.
Urbanation Inc., which has been studying the GTA high-rise market since 1981, says the unsold inventory at the end of last year was 9,932 units. It’s 47% lower than in 2015. With the current sales pace, it represents approximately 4.4 months of supply. Meanwhile, an average number for a balanced market condition is 10 months.
According to the firm, there were 27,217 new condo units sold in the GTA last year, marking a 34% rise from a year earlier. As a result, we saw another record beating 2011 peak.
On Wednesday, Street Capital announced it would keep operating as Street Capital Bank of Canada.
"Working as a bank will increase our competitive benefits at the market, as it will help us provide improved service to the mortgage broker channel and more than 130,000 of our valued customers," - noted Ed Gettings , CEO of Street Capital Group Inc. "Our team and the whole infrastructure are ready to start taking deposits and providing uninsured mortgage loans during the next months”.
From now on, Street Capital Bank is a federally regulated financial institution.