High Inventory, stable Prices - January Market Update
Monday Feb 10th, 2025
As we are heading into a new year, Sellers are facing a well-supplied housing market, keeping prices stable. There were 12,392 new listings in January throughout the Toronto Real Estate Board which reflects a 48.6% increase compared to last year. The average price ($1.040m) remained pretty much unchanged (+1.5%). Same for the average price in York Region which came in at $1,216,183 (+0.5%).
Aurora: Strong Prices, Sales down
The average price in Aurora remains strong at $1,501,173. While this reflects a significant increase of 25% on a year-over-year basis, the number of sales (26) was the lowest since 2009 and down 32% compared to last year’s January. Newmarket’s average price of $1,059,814 was up 6.7% on a year-over-year basis, sales (35) were down 48% compared to last year (67).
Bradford: Less Time on the Market
Bradford prices saw a big increase (+35%), but the average of $1,381,425 was driven by two big sales of $3.725m (145 Andrews Dr) and $6.5m (3509 Line 5).
Next Rate Announcement in March
As there is much choice for Buyers, we do notice a more active market within the last couple weeks. The Bank of Canada has lowered the interest rates by another 0.25% on January 29 and more rate drops of the same amount are to be expected in 2025. The next BoC rate announcement is scheduled for March 12.
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