The Toronto Real Estate Board announced 2016 as a second consecutive year of record home sales. TREB, representing the Greater Toronto Area realtors reported 113,133 sales thru the MLS system.
Strongest growth rate was reported for condominium apartments followed by detached homes.
During the calendar year, City of Toronto (416 Area) reported 41,126 sales at an average price of $740,685.
Rest of the GTA (905 Area) reported 72,007 sales at an average price of $723,774.
The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015.
Low supply of new listings, at a decade and a half low, and continued demand for housing have resulted in substantial price increases.
During December 2016, TREB reported 5,338 sales which are included in the above totals.