The Toronto Real Estate Board (TREB) has released the housing figures for January, and with 4,009 sales across the region, volume was up 0.6% from the same time last year. The average sales price of all transactions rose to $748,328, representing a year-over-year gain of 1.7%. Given the extreme weather conditions experienced across the region, these trends are encouraging, and they align with TREB’s 2019 forecast for an increase in sales volume.

As has become increasingly evident, industry-wide trends are not telling the full story. Much depends on the property type and community. Given concerns around affordability, restrictive lending criteria and higher interest rates, the demand for high density low-rise dwellings and condominium apartments continues to outpace single detached homes. Using the City of Toronto as an example, the average price of single detached homes in January was down 8.8%, while the average price for semis (+6.1%), towns (+12.3%), and condos (+8.8%) all rose substantially.

Of course, the public’s interest in single detached housing has not waned: 42.5% of all January sales were for detached homes. In the 416, however, where buyers pay a premium, sales of singles were down by 8.6%. Conversely, in the 905, where families can find a greater selection of affordable homes, year-over-year sales of detached homes grew by 7.0%.

Though much attention is given to ‘average sales price,’ it is not the best measure of property value, but rather an indication of the type of home that is selling during a period of time. To illustrate real inflation in the market, TREB uses the MLS HPI Composite Benchmark. In January, it increased 2.7% year-over-year across the GTA, and rose 5.76% in the City of Toronto. Looking closer at the 416, the value of single detached homes rose 0.77%, semis were up 4.2%, towns jumped 5.82%, and condos led the way at 9.08%.