This week we are taking a look at GTA January Home Prices.  On average, prices across the GTA for all home types are up almost 30% compared to January of last year(2021).  The driving factor of such price growth is the limited number of homes for sale –  there are 44% fewer homes for sale this year than there was last year. That’s 3,256 fewer homes for sale to be exact.  With the threat of interest rates moving up more and more people continue to enter the buyer pool, driving demand and driving prices.

The average price of a detached home in the month of January was over $1.7 million, semis over $1.3 million and townhomes over one million.  With prices of these home types on the rise many home buyers have converted to condominium buyers.  With the demand for condos strengthening, average prices have gone up almost 25% compared to January of last year.  The average price of a condo in the Great Toronto Area is now almost $750,000.

I am certain you are finding these numbers to be astronomical.  These figures are just averages and will adjust accordingly as we drill down into smaller sub markets of the GTA.  (see below).

With prices appreciating at an above average pace many investors and buyers are looking to new condominium developments.  The deposit structure and buying procedures are very attractive due to the construction timeline of such projects.  I am lucky to have fantastic access to many new condominium projects around the GTA and beyond.

With all the hype surrounding home sales these days everyone loves to know what their home is worth. If you have any questions or at all curious about the buying process, getting an appraisal, or these GTA January home prices, please do not hesitate to contact me.