TREB releases data on record breaking 2015
It will come as no surprise that 2015 was a record breaking year for Toronto real estate. The Toronto Real Estate Board President Mark McLean says that the second best December ever with 4,945 sales made for a record year total of 101,299 sales. The average selling price for 2015 rose to $622,217 – up 9.8 per cent from $566,624 in 2014.
“Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term. If the market had benefited from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand,” said Mr. McLean.
“TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.
Toronto just keeps getting rated tops in world class cities, and foreign investors know that prices are great comparatively. Long term, Toronto makes for a great investment and families who buy in the city are making a smart move. Give me a call if you’d like a more in depth analysis.