Jan 5, 2017 – Toronto Real Estate Board President Larry Cerqua announced that 2016 was a second consecutive record year for home sales. GTA REALTORS® reported 113,133 home sales up by 11.8% compared to 2015. The calendar year 2016 result included 5,338 sales in December – an annual increase of 8.6%.
The strongest annual rate of sales growth in 2016 was experienced for condominium apartments followed by detached homes.
“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA," said Mr. Cerqua.
The overall average selling price for 2016 was $729,922 – up 17.3% compared to 2015. The pace of the annual rate of growth for the average selling price also picked up throughout the year, including a climb of 20% in December.
“Price growth accelerated throughout 2016 as the supply of listings remained very constrained. Active listings at the end of December were at their lowest point in a decade-and-a-half. Total new listings for 2016 were down by almost 4%.
In Mississauga there were 76 Condo Townhomes sold at an average price of $505.669. Sold prices averaged 103% of asking price and average days on the market were 15.