Record TREB Home Sales In 2015
Greater Toronto Realtors reported 4,945 residential sales through the Toronto MLS system in December 2015 the second best sales result on record for December. The number of transactions in December represented a 11.9% increase compared to 4,418 transactions reported in December 2014. Freehold townhomes in the GTA had the highest sales increase year-over-year.
TREB MLS home sales for 2015 totaled a record 101,299, a substantial 9.2% increase compared to 2014 as a whole. Strong annual sales increases were experienced for all home types.
The number of new listings reported in December was up by 8.4% compared to the same period in 2014. Active listings were 9,137 in December-down 10.7% from 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, TREB’s President.
“If the market had benefited from more listings, the 2015 sales total would have been greater. As it stands , we begin 2016 with a substantial amount of pent-up demand,”continued Mr. McLean.
The average price in December was up by 9.5% from the same time last year to $609,110. Semi-Detached homes in the GTA led the way in terms of price increases at 15.0% compared to the same time last year.
The average price for 2015 as a whole was $622,217- up 9.8% compared to $566,624 in 2014.
GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well above the rate of inflation for 2015.
“TREB will release its official 2016 outlook later in January, but suffice to say 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.
Sales of Toronto (416 area code) condominium apartments increased by 12.5% in December, 2015. The average selling price of a Toronto condo increased by 3.2% in December 2015 from the same time last year to $400,088. .
Condominium apartments accounted for 29.6% of total sales in the GTA for December 2015 while detached homes accounted for 43.2% of the total sales.
Other notable statistics include the average days on the market for December at 29 days, down 9.4%. The sales-to-listings ratio for December 2015 was 54.1% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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