According to the Toronto Real Estate Board (TREB), there were 4,945 sales through the Multiple Listing Service (MLS) in December. Up by 11.9 per cent compared to December 2014.
December saw an average selling price of $609,110 - which is up by 9.5 per cent from the average selling price of $556,259 reported in December 2014.
"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 Mark McLean, President of the Toronto Real Estate Board.
The median price in December 2015 was $505,000.
The median price in December 2014 was $455,750.
"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.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).