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TORONTO -- Home sales in Toronto and the surrounding area saw a small uptick in January, a sign that the real estate market in Canada's largest city remains stable.
The Toronto Real Estate Board reports that there were 4,009 home sales recorded though its Multiple Listing Service (MLS) system in January, up 0.6 per cent compared with January 2018. On a seasonally adjusted basis, sales were up by 3.4 per cent versus December 2018.
The board says the average selling price for all property types was $748,328 last month, an increase of 1.7 per cent from the same month a year ago. TREB reports that the more affordable condo segment led the price growth, up by 7.9 per cent in January.
Semi-detached and townhouse properties also saw increases, while the price of detached homes fell by 2.8 per cent in January year-over-year.
The board says the total number of new listings were up, climbing 10.5 per cent to 9,456 listings last month.
TREB, which represents more than 52,000 real estate agents across the region, says the January figures are in line with its forecast that sales will finish higher in 2019.