Toronto, Vancouver Real Estate Markets End Year on Sky-High Note

The two hot real estate markets in Toronto and Vancouver have announced record sales in a year that saw big price tags for homes rise even higher.

It was a super busy year for real estate sales professionals based on the figures that were released by real estate boards in both cities. In Toronto, there were 101,299 sales in 2015 which represents a 9.2 per cent increase from 2014.

Mark McLean, President of the Toronto Real Estate Board stated that if there were more listings in the market, the 2015 total number of sales would have been greater.

In the Greater Toronto Area, the average resale selling price for the full year jumped to $622,217 which represents a 9.8 per cent increase from the previous year. The average selling price for all real estate types in the City of Toronto was $659,270. For detached homes, the average selling price in the city hit $1,039,658 in December, an increase of 11.8 per cent in a year.

In Metro Vancouver, the average MLS home price index for all types of homes was $760,900 in December, an incredible increase of 18.9 per cent from the previous year. The average price for detached homes jumped to $1,248,000.

Reference: CBC News

http://www.cbc.ca/…/bus…/toronto-vancouver-housing-1.3391634