December 2015 Resale Home Sales

The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year.

"Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term," said Mr. McLean.

"If the market had benefitted from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand," continued Mr. McLean.

The average selling price for 2015 as a whole was $622,217 – up 9.8 per cent compared to $566,624 in 2014. The MLS® HPI Composite Benchmark Price was up by a similar annual rate of 10 per cent in December. GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well-above the rate of inflation as well through 2015.

"TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing," said Jason Mercer, TREB's Director of Market Analysis. 

Source: TREB

 

December 2015 2014
  Sales Average Price New Listings Sales Average Price New Listings
             
Sales City of Toronto ("416") 1,999 $626,942 2,029 1755 $572,111 1,885
Rest of GTA ("905") 2,946 $597,009 2,754 2,663 $545,812 2,528
GTA 4,945 $609,110 4,783 4,418 $556,259 4,413
             
Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 571 10.9%   $1,039,638 11.8%  
Rest of GTA ("905") 1563 8.5%   $747,229 11.7%  
GTA 2134 9.2%   $825,470 11.9%  
             
Semi-Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 158 23.4%   $743,738 20.8%  
Rest of GTA ("905") 319 12.7%   $495,551 9.8%  
GTA 477 16.1%   $577,760 15.0%  
             
Townhouse 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 215 23.6%   $535,283 12.7%  
Rest of GTA ("905") 577 16.6%   $451,971 6.9%  
GTA 792 18.4%   $474,588 8.8%  
             
Condo Apartment 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1038 12.5%   $400,088 3.2%  
Rest of GTA ("905") 426 16.4%   $325,036 8.2%  
GTA 1464 13.6%   $378,249 4.2%  

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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