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Strong Start to 2016

The Toronto Real Estate Board reported 4,672 residential transactions in January 2016. This result represented an 8.2% increase compared to January 2015.

"It is clear that the hand-off from 2015 to 2016 was a strong one. This is not surprising given that recent polling conducted for TREB by Ipsos suggested 12% of GTA households were seriously considering the purchase of a home in 2016. Buying intentions are strong for this year as households continue to see home ownership as an affordable long-term investment," TREB President Mark McLean. The MLS® Home Price Index Composite Benchmark Price for January 2015 was up by 11.2% on a year-over-year basis. The average selling price over the same period was up by 14.1%.

The difference in the annual growth rates for the MLS® HPI and average price was largely due to a greater share of high-end detached homes sold in the regions surrounding the City of Toronto this year compared to last. The MLS® HPI removes the impact of shifts in the share of different property types sold from one year to the next.

"Market conditions in January were tighter compared to a year earlier, with an annual increase in sales up against a decline in listings. This is why growth in the MLS® HPI benchmarks continued to be strong, especially for singles, semis and townhouses, where there has been a persistent lack of inventory," said Jason Mercer, TREB's Director of Market Analysis.

Click here to see Full Report [pdf] Historic Annual Sales and Average Price [pdf]

 

If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at casey@remaxhallmark.com

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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