Strong Start to 2016
The Toronto Real Estate Board reported 4,672 residential transactions in January 2016. This result represented an 8.2% increase compared to January 2015.
"It is clear that the hand-off from 2015 to 2016 was a strong one. This is not surprising given that recent polling conducted for TREB by Ipsos suggested 12% 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," TREB President Mark McLean. The MLS® Home Price Index Composite Benchmark Price for January 2015 was up by 11.2% on a year-over-year basis. The average selling price over the same period was up by 14.1%.
The difference in the annual growth rates for the MLS® HPI and average price was largely due to a greater share of high-end detached homes sold in the regions surrounding the City of Toronto this year compared to last. The MLS® HPI removes the impact of shifts in the share of different property types sold from one year to the next.
"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.
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