Greater Toronto Area Realtors reported memorable sales numbers for the second year in a row with 113,133 homes sold in the GTA in 2016 , that’s up 11.8% compared to 2015.
Another strong December contributed to the overall boost with 5,338 sold, a year over year increase in the month of 8.6%.
Sales of condominiums had the strongest rate of growth, followed by detached homes.
Toronto Real Estate Board (TREB) President Larry Cerqua said a combination of a strong regional economy, low unemployment and very low borrowing costs kept demand for ownership up in the GTA.
“It is important to point out that the strong demand that we experienced in 2016 was very much domestic in nature.” said Cerqua in statement, “TREB recently commissioned Ipsos to survey its Members with regard to the level and type of foreign buying activity within the Greater Toronto Area. The results of the Ipsos survey suggest that the level of foreign buying activity is low in the GTA.”
Much has been made of foreign ownership in both the GTA and Greater Vancouver recently, with the latter city seeing a decline in homes sales for 2016. On Wednesday, the Real Estate Board of Greater Vancouver reported another month to month decline in December down 22%, while year over year for December saw a 39% drop.
For Vancouver, it was the third straight month in which the market saw an drop of over 30% in sales year over year, believed to be the result of a 15% tax applied by the B.C. Liberal government on foreign buyers.
Home prices in Toronto have not slowed with the average selling price at $729,922 for 2016, that’s a year over year increase of 17.3% from 2015.