Feb 11 | Posted by Barry Cohen

The housing market in the GTA got off to a banner start in 2016, and seemingly picked up where 2015 left off.  Despite the weather, members of the Toronto Real Estate Board reported 4,672 residential property transactions last month through the Board’s MLS system.  This total represented an 8.2 percent increase in direct comparison to January 2015.

TREB President, Mark McLean had this to say about the sales results last month, “This is not surprising given that recent polling conducted for TREB by Ipsos Reid suggested that 12 percent 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”.

The average selling price for homes throughout the GTA last month was up by 14.1% over January 2015, and coming in at $631,092 for all home types.  The average days on the market was down, and inventory continues to lag behind in all categories, with new listings and active listing falling short of the same period last year.  

The MLS Home Price Index Composite Benchmark for January 2016 was up by 11.2 percent on a year-over-year basis.  The HPI (Home Price Index) measures home price trends and home price inflation/deflation in residential markets within territories of participating real estate boards in Canada.  There were a greater number of high-end detached homes sold in the regions surrounding the City of Toronto last month compared to 2015, which is largely responsible for the difference in the annual growth rates for the Home Price Index.

If you want to take advantage of the Spring market, now is the time to speak with a professional realtor.  I would be happy to meet with you and provide you with an accurate evaluation of your property’s value, answer all your questions, address your concerns and get your property sold in the least amount of time and for the most money.