Home sales in the Greater Toronto Area increased by 8.2 per cent in January 2016 compared to January 2015 according to the Toronto Real Estate Board. The increase represented 4,672 total transactions over the month.
“It is clear that the handoff from 2015 to 2016 was a strong one,” said Toronto Real Estate Board President Mark McLean in a news release. “This is not surprising given that recent polling conducted for TREB by Ipsos suggested 12 per cent 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.”
The average price for a home in the City of Toronto reached $636,728, and increase of 10.7 per cent over January of 2016.
Jason Mercer, the Toronto Real Estate Board’s Director of Market Analysis, said that, “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.”