Sales in the Greater Toronto Area housing market got off to a strong start in 2016.
Not only were more homes sold, but prices rose as well.
The Toronto Real Estate Board says there were 4, 672 homes sold via MLS last month, which is an 8.2% increase over the same month in 2015.
Prices were up by 11.2% in the GTA, with prices averaging $631, 092.
In Toronto, the average price was slightly higher, at $636,728.
“Market conditions in January were tighter compared to a year earlier, with an annual increase in sales up against a decline in listings. This is why growth in the MLS® HPI benchmarks continued to be strong, especially for singles, semis and townhouses, where there has been a persistent lack of inventory.” – Jason Mercer, TREB’s Director of Market Analysis.