Toronto Housing Market Booms on a High Note at the End of 2015

  

In GTA real estate, 2015 was a year for the record books, with total annual home sales crossing the 100,000 mark for the first-time ever, according to the latest reports from the Toronto Real Estate Board.

The sales milestone, which saw exactly 101,299 homes and condos change hands, represents a 9.2 per cent jump in home sales over the previous year across Toronto and its surrounding suburban cities and towns.

Prior to 2015, the only year to come close to hitting that record was 2007 when 93,193 real estate transactions took place. Between 2007 and 2008, home sales dipped a staggering 25 per cent.

Many had anticipated the previously elusive 100,000 sales target would be hit by the year’s end due to strong performance in November, which had already propelled 2015 as the best year on record even before December had come around.

In the City of Toronto, condominium apartments accounted for the bulk of total sales in 2015 with 17,404 or 47 per cent of the overall market. Detached homes followed with 33 per cent, while towns and semi-detached homes split the remaining sliver in the middle.

Across the GTA however, it was a different story as detached homes dominated, accounting for 48 per cent of overall residential sales, while condominium sales pailed in comparison with 27 per centof transactions.

The numbers reflect how the GTA has emerged as two distinct markets – condo-centric Toronto and the predominately suburban satellite cities of the 905.

It’s worth noting however, in terms of sales growth, the 905 saw a 15 per cent increase in condo sales in 2015 – beating out Toronto’s 12 per cent jump. The significant jump in high-rise sales reflects what many have speculated to be the increasing urbanization of cities outside the bounds of the 416, which is already taking place in much of North York and Mississauga.

P.S. To find out how prices fared in your neighbourhood in 2015, type out your area and home type in the comment section below and we’ll provide the numbers for you.

Prices

Aside from sales, 2015 also saw a significant number of record-breaking figures on the price front.

Average prices of detached homes in Toronto shot passed a million for the first time and condominiums in the city rose above $400,000, which had never occurred in the past.  

The average calendar year selling price of all GTA homes (condos and homes combined) rounded off at $622,217 – up 9.8 per cent compared to 2014.

In the Greater Toronto Area overall, single-family homes all saw double-digit price increases year-over-year, while condominiums apartments saw average price growth around 5 per cent versus 2014.

For a breakdown by home type, please scroll down below.

“Home ownership is a quality long-term investment that families can live in while the value increases over time, said  TREB president Mark Mclean. “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.”

Top TREB facts for the 2015 Toronto Housing Market

  • Average Condo Price:
    • City of Toronto: $405,589 – up 5%
    • Overall GTA: $379,512 – up 4.9%
  • Average Detached Home Price:
    • City of Toronto: $1,047,483 – up 12.6%
    • Overall GTA: $806,744 – up 11.6%
  • Average Semi – Detached Home Price:
    • City of Toronto: $736,082 – up 10.3%
    • Overall GTA: $579,516 – up 10.1%
  • Average Townhouse Price:
    • City of Toronto: $542,406 – up 10.0%
    • Overall GTA: $472,624– up 10.2%

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Sukhwinder Sukh Bhaura

Sukhwinder Sukh Bhaura

Real Estate Broker
CENTURY 21 President Realty Inc., Brokerage*
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