Below are my top takeaways for Toronto’s real estate market in 2015.
The GTA saw a strong increase in the demand for homes in 2015. Home sales were up every month this year when compared to 2014 with annual sales up 9% so far this year. As of November the GTA had a record 96,901 home sales – beating the previous record in 2007 when 95,223 homes sold. With one month left to go expect to see Toronto home sales break the 100,000 mark in 2015.
Lack of Supply
We continue to see one over arching trend in Toronto’s housing market – the supply of homes coming on the market for sale is not keeping up with demand.
Toronto saw the number of new listings (homes for sale) increase by just 2.7% this year while the number of sales was up by just over 9%. The fact that more buyers are competing for fewer houses is what’s driving the 10% increase in house prices in 2015.