December sales up in Toronto but listings are too low
Toronto Real Estate Board reports that year-over-year figures for MLS sales for the first 14 days of December were up 1.9 per cent. There were 2,496 sales through the system but new listings were lower than last year, down 1.8 per cent, and TREB president Paul Etherington says that’s been a drag on sales this year: “Greater Toronto Area households remain upbeat about buying a home, as evidenced by the increase in sales compared to last year. However, many would-be home buyers continue to have problems getting a deal done due to the lack of listings for some home types.” The average selling price for December mid-month transactions was $565,873, which represented a year-over-year increase of 8.6 per cent. Price growth was driven by the detached market segment in the City of Toronto.