February 6, 2019 / 10:04 AM / 3 months ago

TABLE-Toronto home prices rise in January, bolstering outlook

    OTTAWA, Feb 6 (Reuters) - Home prices in Toronto rose 1.7 percent in January
from a year earlier, bolstered by a surge in new listings and a slight uptick in
sales volumes, data released by the Toronto Real Estate Board (TREB) on
Wednesday showed.
    The board, which will release its 2019 outlook later in the day, said the
slight increase in sales in January was encouraging and in line with predictions
for the rest of the year. 
    "Although we won't experience record levels, we do expect to see a better
year in 2019 for sales and selling prices," said TREB President Garry Bhaura in
a statement.
    The board expects sales to rise by about 7 percent this year, based on a 
polling that found more people intend to buy in 2019, and boosted by population
growth in the Toronto area, the region's low unemployment rate and lower
borrowing costs compared with 2018.
    TREB expects the average selling price to rise to C$820,000 ($624,191) in
2019, up 4 percent from the 2018 average. Prices peaked in April 2017 at around
C$920,000. 

                  JANUARY    DECEMBER 2018  JANUARY 2018   YR/YR PCT CHANGE
 TOTAL SALES    4,009        3,781          3,987          0.6
                                                           
 AVERAGE PRICE  C$748,328    C$750,180      C$735,874      1.7
 NEW LISTINGS   9,456        4,308          8,561          10.5
 After preliminary seasonal adjustment
                 JANUARY      MTH/MTH PCT CHANGE
 SALES          4,009       0.6
 AVERAGE PRICE  C$748,328   1.7
 Sales by type of property
                         JANUARY       YR/YR PCT CHANGE
 DETACHED           1,703               3.5
 SEMI-DETACHED      339                -5.3
 TOWNHOUSE          685                 2.5
 CONDO APARTMENT    1,238              -2.4
  Average price by type of property  
                         JANUARY       YR/YR PCT CHANGE
 DETACHED           C$941,488          -2.8
 SEMI-DETACHED      C$742,738           3.6
 TOWNHOUSE          C$641,028           4.6
 CONDO APARTMENT    C$548,176           7.9
    
 ($1 = 1.3137 Canadian dollars)

 (Reporting by Julie Gordon in Ottawa; Editing by Nick Zieminski and Gopakumar
Warrier)
  
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