The Toronto real estate market started off the new year with a drop in home sales by more than 18% compared with a year ago, as fewer properties were listed for sale and market conditions tightened.
According to the latest TRREB report, a total of 5,636 homes were sold last month, down from the 6,888 sold in January 2021.
“There's buyers out there. They're just having a hard time getting the deal done,” said TRREB's chief market analyst.
The lack of homes on the market had a major impact on home prices in January, with the average price up to $1.2 million last month, a 28.6% increase from $966,068 in January 2021.
The board expects detached houses to remain most popular with intending buyers, especially in suburban areas.