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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





5 January 2017

Toronto home sales set another record

According to the Toronto Real Estate Board (TREB), in December, the GTA's average home price rose by 20% annually and reached $730,472.

High housing sales, reported last month, made 2016 a record year for GTA realtors.

The board says there were 5,338 sales of all types of residential real estate made, including condominiums and detached houses. It’s 8.6% higher than a year ago, even in spite of the reduced market supply.

TREB’s house price index, which is adjusted for various kinds of housing, went up by as high as 21% last month.

In case of a full calendar year, there were 113,133 sales made through the MLS system, which marked an 11.8% increase from 2015 with its previous record.

"Quite a strong regional economy, low unemployment level and extremely low borrowing costs contributed to the market demand increase in the GTA, as the local population kept growing," - TREB president Larry Cerqua noted.

The rising pace of price growth was seen during the whole year, with the average price for 2016 soaring by 17.3% on a year-over-year basis and reaching $729,922.

"Total new listings fell by about 4% in 2016," - said TREB's director of market analysis, Jason Mercer.

In his opinion, the government rule changes and policy discussions were concentrated on the problem of demand, while it’s more important to address the issue of reduced supply.

Annual changes of the MLS® HPI for December 2016 (%)

 

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

21.05%

23.25%

22.13%

20.38%

15.24%

Halton Region

20.95%

21.14%

21.98%

19.19%

-

Peel Region

22.12%

22.49%

23.88%

20.55%

17.22%

City of Toronto

17.55%

20.22%

18.08%

19.41%

14.76%

York Region

25.24%

27.46%

24.55%

17.46%

13.82%

Durham Region

26.43%

26.25%

26.41%

28.11%

23.70%

Orangeville

25.09%

25.50%

24.90%

-

-

South Simcoe County1

24.44%

25.05%

24.68%

-

-

1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

 

 

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