According to the Toronto Real Estate Board (TREB), there were 4,672 sales through the Multiple Listing Service (MLS) in January. Up by 8.2 per cent compared to January 2015.
January saw an average selling price of $631,092 - which is up by 14.1 per cent from the average selling price of $552,925 reported in January 2015.
“It is clear that the handoff from 2015 to 2016 was a strong one. This is not surprising given that recent polling conducted for TREB by Ipsos suggested 12 per cent of GTA households were seriously considering the purchase of a home in 2016. Buying intentions are strong for this year as households continue to see home ownership as an affordable long-term investment,” said Mark McLean, President of the Toronto Real Estate Board.
The median price in January 2016 was $530,000.
The median price in January 2015 was $465,000.
“Market conditions in January were tighter compared to a year earlier, with an annual increase in sales up against a decline in listings. This is why growth in the MLS® HPI benchmarks continued to be strong, especially for singles, semis and townhouses, where there has been a persistent lack of inventory,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).