101,299 Sales Through TREB in 2015! What A Year!

The stats are in and 2015 was the second best year ever in terms of the number of GTA sales for all home types (101,299, up 9.2% from 2014) and undoubtedly had there been more listings the sales total would have been even greater. Low borrowing costs and a strong regional economy kept homebuyers confident in their ability to purchase and pay for a home over the long term.

The average selling price in 2015 increased to $622,217 (up by 9.8% from 2014) driven once again by the low-rise market. The average price for a detached home in the 416 was $1,039,638 (up by 11.8% year over year) marking the first time in history a detached home in Toronto sold for more than $1m.

What will 2016 bring? It’s hard to say and there are differing opinions. The equities market has dropped, the Canadian dollar has dropped, the price of oil has dropped yet the drive and desire to own real estate has not wavered. Real estate is tangible investment – you can see it, touch it, feel it and live in it.

I’ll be putting out a more comprehensive online report later this month with my predictions but despite stricter mortgage lending guidelines and even the possibility of slightly higher borrowing costs, my feeling is that prices will continue to rise to a lesser degree than in the past and that owning property in any of the key downtown and surrounding area neighbourhoods will not fail any smart investor or homeowner now and in the years to come.

Ros Morton
Assistant to Kimmé Myles

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