Economists largely predicted that Toronto’s housing market would be the main winner from the downturn in oil prices and rock-bottom interest rates and so far the region’s housing market is proving them right.
Home sales in the Greater Toronto Area rose 6.1 percent in January compared to a year earlier, according to new figures from the Toronto Real Estate Board. Average prices jumped 4.9 percent even as the region saw a spike in new listings, which rose 9.5 percent compared to a year earlier.
It’s the second month of strong growth for the region’s housing market even as winter is considered the slowest time of year for home sales. December sales rose by nearly 10 percent compared to a year earlier while average prices were up 7 percent.