The number of people moving to the Greater Toronto area last month may be slightly off the pace when compared to January 2010, but the city's real estate market continues to move forward.
According to the Toronto Real Estate Board, there were 4,337 transactions for resold houses in January. That's 13 percent lower compared to this same time last year, but January 2010 was a record month for housing and demand for storage units in Toronto.
"While off the record pace experience a year ago, the GTA resale market has started the year on a solid footing," said Bill Johnston, president of the Toronto Real Estate Board. "Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points."
The report says that the average selling price for a Toronto home in January was $427,037, approximately 4 percent higher than the average price in January 2010.
The high rate of moving likely won't let up. According to Statistics Canada, projections indicate that Ontario's population is expected to grow in the coming years at an annual rate that's higher than the national average.