The Greater Toronto Area housing market has encountered its first seasonal deep freeze, with sales activity across all home types dropping by double-digit percentages from October. However, this year’s sales continue to outperform last’s with strong demand for City of Toronto and 905 region MLS listings, signalling long-term market recovery continues.
A total of 84 detached houses sold in the City of Toronto, down -48 per cent from the same week in October, but up 6 per cent year over year. Sales were stronger in the 905 region with 405 transactions, down -24 per cent month-over-month, but up 44 per cent year-over-year. In the semi-detached segment, performance was similar though there were far fewer sales overall; a total of 33 transactions in the 416 pulled them down -43 per cent from last month, though they’re up 50 per cent from 2018. In the 905, a total of 78 sold, down -26 per cent month-over-month, and up 30 per cent year-over-year.
Demand stayed strong for multi-family housing, though lower overall townhouse inventory levels made for more volatile sales swings. There were 18 transactions in the 416, down -33 per cent month-over-month, and up 13 per cent year-over-year. A total of 77 sold in the 905, down -11 per cent, but saw the largest year-over-year growth at 88 per cent. Condos, which still saw annual gains, experienced the smallest growth of all home types – with 122 sales in the 416, performance fell -38 per cent month-over-month, and rose just 2 per cent year-over-year, while a total of 192 sold in the 905, down -36 per cent month-over-month, and up 7 per cent year-over-year.