Welcome to your January 2020 Market Update for Burlington, Oakville, Milton, Mississauga and the GTA. Some areas saw a minimal to substantial increase in sales and some some a minimal to substantial decrease in sales. The market continues where it left off in 2019 when you look at the number of listings. Demand vs supply is still the name of the game as we head into the New Year.
Just a heads up, I will be reviewing the TRREB (Toronto Regional Real Estate Board) Year In Review and 2020 Forecast and details of that report will be made available either through podcast or blog next week.
BURLINGTON MARKET RESULTS
Sales Activity for the Burlington area saw a decreae of 11% compared to January 2019 and a decrease of 18% in the numbrer of listings. Again, a very tight market continues to exsist. For your full report please click here.
OAKVILLE & MILTON MARKET UPDATE
According to figures released by OMDREB (Oakville, Milton Distrect Real Estate Board) the number of sales increased to 449 compared to 425, in total. The number of listings dropped to 740 compared to 875 in January of 2019. Milton saw a decrease in the number of resident sales by 30% and a very slight increase of 0.19% in the average selling price. For your full report on Milton, please click here. Oaville saw an increase of 6.86% in the number of sales compared to January of 2019 and an increase of only 0.01% in the average selling price. For your full report on Oakville, please click here.
"The real estate market continues to be driven by an excessive shortage of needed listings with reports of market segments returning to the days of multiple offers. The $500k to $1M segment in all of Halton is in great demand." said OMDREB President Richard Weima.
Richard Weima went on to further say, "The Mortgage Stress Test rates have dropped slightly for the first time in 3 years. Additionally, the mortgage stress test has driven more buyers to consider private lending, with the slowest growth in 25 years for more traditional mortgage lending avenues."
G.T.A. MARKET RESULTS
TRREB President Michael Collins announced that Greater Toronto Realtors® reported 4,581 home sales through TRREB's MLS® system in January 2020 - up 15.4% compared to January of 2019. "We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments, "said Mr. Collins.
The MLS® HPI Composite Benchmark price was up by 8.7% compared to January 2019 - the highest annual rate of growth for the Benchmarke since October 2017. The condominium apartment market segment continued to lead the way in terms of MLS® HPI price growth, but all home types experienced price growth above 7% when considering the TRREB market as a whole. The Average Selling Price in January was up by 12.3%, driven by the detached and condonminium apartment segments in the City of Toronto.
"A key difference in the price growth story in January 2020 compared to January 2019 was in the low-rise market segments, particularly with regard to detached houses. A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment. Strong sales up against a constrained supply continues to result in an accelerating rate of price growth." said Jason Mercer, TRREB's Director fo Market Anaylsis and Service Channels.
For those interested in the Peel Region market update only, please click here.