toronto real estate record

Toronto housing market smashes records across the board in 2016

Toronto's real estate market continues to soar, and 2016 was a historic year. The Toronto Real Estate Board (TREB) announced that for the second year in a row, we smashed a record for home sales.

TREB released its 2016 numbers today. There were 113,133 home sales last year - that's up 11.8 per cent in comparison to 2015. The average price of home in Toronto (including condos and semi-detached houses) rose to $740,685, or up more than 12 per cent since the previous year.

“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016,” said TREB president Larry Cerqua in a news release.

It continues to be a seller's market out there as the demand for new listings far outweighs the supply of houses on the market - according to CBC News, the city hitting a 15-year low in December.

And we saw this play out in real time last month when an unremarkable suburban house in Vaughan garnered 50 offers before selling for $400,000 over asking.

Lead photo by

182A Moore Avenue


Join the conversation Load comments

Latest in City

Edwards Gardens is one of Toronto's most serene spots

This Mississauga company is making armoured fighting vehicles for Ukraine

Toronto's heart-shaped park is looking a lot closer to reality

The top 30 rainy day activities in Toronto

Someone photoshopped J. Cole onto an Ontario election campaign sign in Toronto

Someone was spotted enthusiastically licking a dirty boot on the Toronto subway

Angry nurses in Ontario erect signs warning Doug Ford supporters to stay away

You've probably been breaking all sorts of laws just by being in Toronto parks