Toronto Housing

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TORONTO – The Toronto Real Estate Board says red-hot property sales in Canada’s largest city picked up in January where 2016 left off, with transactions up 11.8 per cent year-over-year despite a double-digit drop in new listings.

TREB reported 5,188 residential sales in the Greater Toronto Area through its MLS System last month, compared to 4,460 sales in January the year before.

That gain came despite a 17.6 per cent drop in the number of new GTA listings in January, down from 8,906 to 7,338 year-over-year.

The board also reported that the MLS Home Price Index Composite Benchmark price for all residential properties in the GTA was up 21.8 per cent on a year-over-year basis in January.

Similarly, over the same period, the average selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.

TREB said rates of sales growth were for higher condominium apartments than for low-rise home types.