According to the Toronto Real Estate Board (TREB), there were 4,446 sales through the Multiple Listing Service (MLS) in December. Up by 9.6 per cent compared to December 2013.
December saw an average selling price of $556,602 - which is up by 7.0 per cent from the average selling price of $520,189 reported in December 2013.
"TREB's 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household's ability to comfortably cover their monthly mortgage payments," said said Mr. Paul Etherington, President, Toronto Real Estate Board.
The median price in December 2014 was $455,750.
The median price in December 2013 was $432,000.
"The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers," said Jason Mercer, TREB's Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).