For those who can afford the cash, Toronto's real estate market continues to be where it's at.
Figures released Friday by the Toronto Real Estate Board reveal red-hot property sales in Canada's largest city picked up in January where 2016 left off, with transactions up 11.8% year-over-year despite a double-digit drop in new listings.
The board reported 5,188 residential sales in the Greater Toronto Area (GTA) through its MLS System last month, compared to 4,460 sales in January the year before, that despite a 17.6% drop in the number of new GTA listings in January, down from 8,906 to 7,338 year-over-year.
TREB also reported that the MLS Home Price Index Composite Benchmark price for all residential properties in the GTA was up 21.8% on a year-over-year basis in January.
Similarly, over the same period, the average selling price was up by 22.3% to $770,745, with double-digit gains in the average prices for all major home types.
Moreover, condo sales in the GTA increased 26.7% year-over-year in January, compared to respective increases of 7.8% and 7.2% for detached homes and townhouses. Semi-detached home sales were down 5.8%.
