TORONTO – When it comes to real estate in the GTA, much of the narrative for 2015 has focused on the region’s escalating property values. In November, however, it was sales activity that made the headlines – breaking two records in the process.
In their latest edition of Market Watch issued December 3, the Toronto Real Estate Board (TREB) reported a total of 7,358 GTA home sales in November. Not only is that 14 per cent higher than the total for the same period in 2014 – it also represents the most sales on record for any November since TREB began recording the stat.
Looking at the bigger picture, the GTA’s total annual home sales for 2015 stood at 96,401 at the end of November – already eclipsing the previous record of 93,192 set in 2007. With a full month of sales yet to be recorded, market watchers can expect that calendar-year record to creep even higher by New Year’s Eve.
“Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions,” explained TREB President Mark McLean.
“This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA.”
During November, the month’s strongest increases in sales activity were seen in the GTA’s 905 region, where sales of semi-detached homes increased by 21 per cent – and condo sales increased by an outstanding 22.7 per cent – over their respective totals for November 2014.
Strong suburban value climbs also played a key role in the GTA’s average home price climbing to $632,685, and achieving a 9.6 per cent year-over-year increase in the process.
“Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings,” noted Jason Mercer, Director of Market Analysis at TREB.
“The end result has been upward pressure on home prices well above the rate of inflation in most cases.”
Trends to Watch Out For in 2016
- According to a CBRE report commissioned by the National Post, foreign investors from mainland China are likely to play a larger role in Canada’s real estate market next year.
- Ontario is one of three provinces (along with British Columbia and Manitoba) forecasted to lead the country in economic growth next year, according to the newest numbers from the Conference Board of Canada.