Jan 14 | Posted by Barry Cohen

2015 was an amazing year for real estate in Toronto and the GTA. President of the Toronto Real estate Board, Mark McLean, announced 2015 had the second best sales result on record for the month of December. During the last month of 2015, there was a reported 4,945 total sales wrapping up the year for a total of 101,2999 sales. This is a 9.2% increase compared to 2015. 

The strong regional economy of the GTA along with the low borrowing costs contributed to the increased sales experienced throughout the year. First-time buyers and exiting homeowners were all confident of their ability to purchase and pay for their home long term in this stable economy. 

2016 is beginning with a large amount of demand for homes. The average selling price for homes in the GTA was $622,217 for 2015. This is up 9.8% from 2014, which saw an average sales price of $566,624. The low-rise segments of the market drive the price growth in the GTA however; condominium apartment price growth was generally high above the rate of inflation throughout 2015. 

The official outlook of TREB for 2016 will be released later in January. We can say that the demand for ownership housing is expected to continue to be strong throughout the year. On average, many potential buyers remain upbeat and optimistic about future home ownership.