January surge for Toronto pegged at 84 pc

Toronto was the hottest property market in Canada last month with the sale of single-family dwellings up 84 per cent compared with the same period last year, according to a report by the real estate publication, Market Watch.

The Toronto Real Estate Board (TREB) publication reported the sale of 4,080 single-family dwellings in January, up from 2,222 the previous year. The price of the properties, which included detached, attached and apartment homes, averaged C$198,798 (about HK$1.13 million), well above the median price of $175,000.

The surge in sales increased the median price for all properties 1.7 per cent from the $172,000 average recorded in December and up 5.4 per cent from the $166,000 average recorded in January last year.

Jerry England, president of TREB, said sale expectations for the rest of the year depended on whether the momentum continued into the spring. He said the city's inventory of homes for sale was low, with just under 17,000 active listings.

'We expect 1997 to be initially more of a seller's market. Our inventory is low and, if the market performs anywhere near the level of 1996, we expect some upward pressure on prices,' Mr England said.

Single detached homes were the biggest movers, with 2,150 units being sold for an average of $213,000. Condominiums were second, with 771 units averaging $119,000, while 466 semi-detached homes were sold for an average of $172,000.

Vancouver's Multiple Listings Service reported the city also had a strong January, with sales in all housing categories up 28 per cent on average. A total of 1,868 units were sold, up from 1,450 during the same period last year.