December 2015 Resale Home Sales

President Mark McLean announced that 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 reported 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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HenryL Lam

HenryL Lam

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