January 2007 Market Watch

Our delayed winter meant a lot of people were buying homes in January! Sales activity was up 6% over last year.

Not only that, but higher temperatures resulted in higher prices. Average prices climbed up 5% over December and up six percent over January 2006.

But one month, especially the first one of the year should not be the benchmark. Februrary remains to be seen with less than ideal conditions for home shopping and selling.

Still, Ted Tsiakopolous, CMHC's Ontario regional economist stated that "The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada. Historically low interest rates, strong income growth and healthy consumer confidence are important factors in keeping January home sales buoyant across the GTA."

He continues, saying "These are idea conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time."

Check out the following areas to see average prices from December 2006 in your neighbourhood.

Neighbourhood Watch...

E02 -The Beach
(coxwell, danforth, victoria park)
Detached: $584,631
Semi-detached: $387,206
Condo: $383,833

E03 - Danforth (north)
(DVP, victoria park, danforth)
Detached: $404,498
Semi-Detached: $353,150
Condo: $138,292

E01 - Danforth (south) Riverdale
(DVP, danforth, coxwell)
Days on market: 17
% of list: 101%
Detached: $352,802
Semi-Detached: $342,910
Condo:$286,000

C04 - Bedford West & Lytton Park
(allen, 401, yonge, eglinton)
Detached: $729,440
Semi-Detached: $646,192
Condo: $214,676

C09 - Rosedale (yonge, st.clair, bayview, bloor)
Days on market: 31
% of list: 97%
Detached: $1,078,050
Semi-Detached: n/a
Condo: $434,878

C03 - Forest Hill
(allen, eglinton, yonge, st.clair)
Detached: $756,167
Semi-Detached: $342,165
Condo: $615,720

C12- Lawrence Park/Bedford East
(yonge, 401, leslie, eglinton)
Detached: $2,120,292
Semi-Detached: n/a
Condo: $471,333

Source: Toronto Real Estate Board January 2007 MarketWatch - for the full report, click here.