Toronto Real Estate Update 2016

Toronto 2016 MLS sales represented a record year with 113,133 properties sold at an average price of $729,922 for a total value of $82.6 billion. Toronto MLS sales for 2015 were 101,213 properties sold at an average price of $622,121 for a total value $62.9 billion.

This represents a 31.3% increase in the value of sales year over year and an 11.8% increase in the number of sales year over year. 2016 sales figures are astronomical considering 2015 was a record year. The number of days to sell dropped from 29 days to 20 days. Considering most properties sell by holding offers, this is actually more like 12-14 days.

Once again this is irrefutable evidence of the strength of the Toronto market place and the overwhelming evidence of future price increases across the 416/905.