It was the best year on record for home sales in Toronto, and one industry professional argues the good time will continue to roll on – even in the event of possible rate hikes.
“I had a record breaking year, myself, doing $10 million more in business than I usually do,” Tino Brelak, a Toronto-based broker with Concierge Mortgage Group, told MortgageBrokerNews.ca. “And I don’t think things are going to slow down next year; I remember several years ago when rates were 7%, people were still buying then.”
Brelak’s experience is one likely experienced by brokers across the city, as Toronto has broke a sales record even before the end of the year.
The Toronto Real Estate Board reported 7,385 home sales in November – a 14% year-over-year increase. That marked a record for November, and helped contribute to a record-setting year.
“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007,” Mark McLean, president of TREB, said in a release. “Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions.
“This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA.”
Total sales for the year in the major city reached 96,401 by December.
“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,” Jason Mercer, TREB’s director of market analysis, said. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases.”