TREB 2015 Home Sales Top 100,000

Toronto, January 6, 2016 - The Toronto Real Estate Board December, 2015 MarketWatch report came out this morning entitled, “Record TREB® Home Sales in 2015". We actually already knew 2015 was a record after November’s report… The only question was, “How high…?”

As it turns out, the second-best December on record capped a record year overall. December’s 4,945 sales pushed the 2015 annual total to 101,299 homes sold. That was a 9.2% rise compared to 2014’s annual total of 92,782. Comparing this December to the year-earlier period the rise was 11.9% [the 4,945 in December 2015 versus 4,418 for the same month one year earlier].

If you bought the average “TREB MLS®" home a year ago, you’re up a cool $52,000 plus…after taxes, assuming it's your principal residence. The average sale price in December, 2014 was $556,259. December 2015's was $609,110… a 9.5% rise. [“All figures quoted are year-over-year comparisons, unless otherwise noted.”]

Not surprisingly, “Strong annual sales increases were experienced for all major home types last year...”, notes the report.

There were 571 Detached homes sold in December in the 416, up 10.9%, at an average selling price of $1,039,638, up 11.8%. In the balance of the GTA there were 1,563 Detached sales, up 8.5%, at an average sale price of $747,229, up 11.7%.

Condo Apartment sales also showed continued strength with 1,038 units sold in Metropolitan Toronto, up 12.5%, at an average sale price of $400,088, up 3.2%. In the balance of the GTA there were 426 Condo Apartment units sold, up 16.4%, at an average price of $325,036, up 8.2%.

Once again, the only “minuses” in the report were for the Total Active Listings, down 10.7% versus one year earlier to 9,137 homes for sale, and the Average Days on Market [“DOM”] it took to sell a home which was down from 32 to 29, meaning
homes "sold 9.4% faster" than in December, 2014.

Obviously this remains a “sellers market” for the time being. Looking at those Total Sales for the month compared to the Total Active Listings gives us an Indicated Forward Inventory forward inventory of 1.85 months - relatively low by historical standards, and extremely low for the time of year.

According to Toronto Real Estate Board president Mark McLean, “If the market had benefited from more listings, the 2015 sales total would have been greater."

Maybe. Maybe not. You’d have to factor market psychology into that equation. That debate notwithstanding, Mr. McLean does accurately note that, “As it stands, we begin 2016 with a substantial amount of pent-up demand.” No argument there.

Seems as though we just wrote this, but: “Happy New Year to You & Yours…!”

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