Welcome guest.  ( Sign in )

Toronto Home Sales hit record high for 2016

January 6, 2017

Toronto area home sales hit record high in 2016, average selling price soars

 
The Toronto Real Estate Board says the GTA's average home price soared to $730,472 last month, up 20 per cent from December 2015.

The board says strong December sales volume helped make 2016 a record year for realtors in the Greater Toronto Area.
There were 5,338 sales transactions for all types of residential property last month including condo units and fully detached houses.

That was up 8.6 per cent compared with December 2015 despite a tight supply of properties for sale.
The board's MLS house price index, which adjusts for the different types of properties was up 21 per cent in December.

For the full year, TREB members had 113,133 sales through the MLS system up 11.8 per cent compared with 2015, which had the previous record high.

"A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region's population continued to grow in 2016,'' TREB president Larry Cerqua said in a statement Thursday.

The board says upward momentum on pricing accelerated as the year progressed and the overall average selling price for the calendar year was $729,922 up 17.3 per cent compared with 2015.

Another factor affecting prices was a constrained supply of active listings, which hit a 15-year low in December.

"Total new listings for 2016 were down by almost four per cent,'' said TREB's director of market analysis, Jason Mercer.
Mercer added that government rule changes and policy debates have focused on high demand but "what we really need is more policy focus on issues impacting the lack of homes available for sale.''

In October, the federal government made a number of changes aimed at stabilizing the country's real estate markets, including requiring stress tests for all insured mortgages.

The stress test change was intended to ensure that Canadians don't take on larger mortgages than they can handle, particularly in markets such as Toronto and Vancouver where affordability is stretched.

On Wednesday, the Real Estate Board of Greater Vancouver reported that home sales in Metro Vancouver, one of the country's most watched housing markets, fell 5.6 per cent last year.

Meanwhile, the composite benchmark price for all residential properties in Metro Vancouver, as measured by the Multiple Listing Service home price index, tumbled to $897,600 last month. That's down 17.8 per cent compared to December 2015.

 

Visit us at Durham Bungalows.ca for all your Real Estate needs!

 

source: http://www.canadianrealestatemagazine.ca/news/toronto-area-home-sales-hit-record-high-in-2016-average-selling-price-soars-219167.aspx


Tagged with: home sales record
| | Share

Interest Rates Rise

Originally posted on: July 12, 2017
Filed under: interest rates interest
Bank of Canada interest rate revealed by Justin da Rosa, 12 Jul 2017 ...

Most Expensive Home in America

Originally posted on: July 5, 2017
Last updated on: July 5, 2017
Filed under: home most expensive
Unique Home Click on the image below to see more. ...

What Canada Means to me.....

Originally posted on: June 28, 2017
Last updated on: June 28, 2017
Filed under: canada day
Happy Canada Day weekend everyone. Here is what Canada means to one of the McRobert Real Estate Group team members. Please let us know ...

Prepare for an Emergency Part 2

Originally posted on: June 13, 2017
Last updated on: June 13, 2017
Filed under: emergency safety
COLLECT IMPORTANT DOCUMENTS Organize important documents in one place—such as an accordion folder or fireproof safe—so you can ...

Prepare for an Emergency Part 1

Originally posted on: June 8, 2017
Last updated on: June 8, 2017
Filed under: emergeny house damage
KNOW THE RISKS No matter where you live, your region may be susceptible to one or more emergency situations or weather hazards, including: e ...


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-905-995-0460
Powered by Lone Wolf Real Estate Technologies (CMS6)