The Toronto Real Estate Board reported today that sales activity reached 4,153 in January. The total volume of sales, in U.S. dollars, was $1.08 billion in January, the board reported.
In U.S. dollars, the average price of homes in the Toronto area was $260,052, climbing two percent since December, when the average price was $253,686. The January 2005 average price was also 9 percent above January 2004. In 1995, the average price of a home in the Toronto area was about $164,871 in U.S. dollars.
“Although it is very early in the year, these price figures do provide a clue as to how 2005 will work out,” said Ron Abraham, president for the Toronto board. “Once again, we will probably experience the same moderate, sustainable, single-digit price increases that have been the norm for the past several years.”
The board reported that 1,552 sales were reported in Toronto’s West districts, 699 sales were reported in the Central districts, 895 sales were reported in the North districts and 1,007 sales were reported in the East districts. Average home prices were highest in the Central districts, at $350,864 in U.S. dollars.
Total days on market for homes selling in the Toronto area has crept up slightly each month since October, reaching the low 40s in December and January and remaining roughly level with January 2004 days on market.
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