Housing Market Recap Greater Toronto Area January 2018

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The average selling price in the Greater Toronto Area in January 2018 fell by 4% compared to the same period in 2017.  Sales decreased by 22% which is a result of tighter lending rules and market uncertainty.  There are 36% more active listings on the market compared to January 2017 this year which suggests that there are buyers and sellers who are waiting on the sidelines to see how the market plays out.  We are not seeing the low levels of inventory in 2017 that caused housing prices to grow rapidly.  As expected, the real estate market has slowed down and it takes a home, on average, 32 days to sell – that is nearly twice as long as it took in January 2017.