Greater Toronto Area REALTORS® reported 3,196 home sales through TREB’s MLS® System during the first 14 days of December 2016. This result represented an increase of almost 18 per cent compared to the first two weeks of December 2015, when 2,713 home sales were reported.
Broken down by market segment, the strongest annual growth in sales was experienced for condominium apartments – both for the City of Toronto and the surrounding regions. Double digit growth in detached home sales was also reported, but this was driven solely by sales outside of Toronto. Within the City of Toronto, sales were down for all low-rise home types – likely due to a lack of listings rather than a lack of demand.
New listings reported by REALTORS® were down by 4.7 per cent year-over-year to 3,061. With sales up strongly and listings down, market conditions were tighter compared to a year earlier. Strong competition between home buyers continued to result in double-digit price increases.
The average selling price for all home types combined was $741,515 during the first two weeks of December, representing a 19.3 per cent increase compared to a year earlier. Average annual rates of price growth generally remained strongest for low-rise home types, but the pace of condominium apartment price growth continued to accelerate.
Source: The Toronto Real Estate Board