The Greater Toronto housing market ended 2019 with strong double-digit sales gains.
The Toronto Real Estate Board (TREB) said home sales rose 17.4% in December compared to the same period of 2018, with 4,399 properties changing hands. Sales of single-family and semi-detached homes led the sales increase, according to TREB.
The Toronto housing market has now fully recovered from the decade-low sales levels seen in 2018. The average selling price of a home also rose 11.9% in Toronto during December to $837,788.
Both new and active listings of real estate in Toronto dropped in the month of December, prompting TREB to renew its call for more housing supply in Canada’s largest city, and warned that the market will continue to tighten until the housing inventory issue is improved.
