The newly launched MLS Home Price Index, which monitors housing prices in five major urban markets, rose 0.27 percent in January to 149.3 from a month earlier. It was up 5.2 percent from January, 2011. The report did not provide any actual prices.
Last month’s CREA data showed the average December sale price was $358,480.
“While home prices remain up compared to one year ago, price growth from one month to the next has been slowing, causing year-over-year gains to shrink, and prices are generally expected to continue to stabilize this year,” Gary Morse, the industry group’s president, said in a statement.
January price gains were strongest in Montreal, which edged up 0.7 percent compared with a 0.14 percent dip in the Fraser Valley, B.C. market – the biggest decline of any of the five metropolitan centres covered by the index.
Prices in Toronto and Vancouver rose 0.3 percent and 0.06 percent respectively, while Calgary slid 0.12 per cent.
Within the GTA, The Toronto Real Estate Board (TREB) released sales stats for January.
Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 percent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.
“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver. “The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.
The average selling price for January 2012 transactions was $463,534 – up by almost nine percent compared to January 2011.
“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
If you are thinking of buying or selling, your timing does not get any better. Interest rates are at historical lows. Five year mortgages are available at 2.99%. Inventory is plentiful, but balanced with demand.
Durham Region provides buyers with superior value, compared to the western and northern parts of the GTA. Sales have been brisk here at ReMax in Whitby. Many homes for sale in Whitby offer buyers a wide selection and attractive prices. Neighbourhoods like Williamsburg in Whitby offer buyers a great location and family oriented amenities. If you are interested in either buying or selling, contact me today. With 22 years of full-time local experience, I can provide insights and skills that will make the buying and selling process rewarding and worry-free.
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage, Whitby
905-427-1400 or 905-668-1800
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