2016 has started off strong. Really strong. In fact, sales through TREB were up 8.2% this past January over the January, 2015.
As you can see from the chart below, January 2016 had more sales but less inventory than January 2015. Taking into account the law of Supply and Demand, we also see the average price up substantially year over year.
Many people are speculating that this increase in activity, and thus prices, is a result of buyers making a mad rush to purchase before the new Mortgage Rules come into play in February. I guess we’ll only know by looking at the February’s stats.
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