Toronto breaks another real estate record

It was a crazy year for real estate in Toronto, so it should come as no surprise that we've surpassed yet another record for the GTA. This time, it's for the number of homes sold by Toronto Real Estate Board (TREB) members - 101,299 to be exact.

That's up 9.2 percent from 2014. "If the market had benefitted from more listings, the 2015 sales total would have been greater," said TREB president Mark McLean in a news release. "As it stands, we begin 2016 with a substantial amount of pent-up demand."

The TREB notes that the average price for all Toronto-area homes, including condos and semi-detached and detached houses, is $622,217, a 9.8 percent increase since 2014.

According to a Canadian Press report, the TREB will release its outlook for 2016 within the next few weeks.

Photo via our House of the Week.