The Toronto Real Estate Board announced that 2016 was the second consecutive record year for home sales.
Greater Toronto Area realtors reported 113,133 home sales through the MLS system in 2016, which is an increase of 11.8% compared to the sales in 2015. Also, the 2016 results included 5,338 sales in December, which is an annual increase of 8.6% for that month.
The strongest annual rate of sales growth in 2016 was for condominium apartments followed by detached homes.
It’s evident that month-over-month the prices for homes are rising and there is no sign of that changing in the short term. If you’re thinking about buying a home this year, make sure your budget factors for increasing prices.
Are you surprised by the continued increase in Toronto homes sales? Let me know what you’re thinking in the comments below.