Toronto home sales up 17 per cent in December, prices up 12 per cent
The Canadian Press
Published Tuesday, January 7, 2020 6:40AM EST
TORONTO -- The Toronto Real Estate Board says home sales were up 17.4 per cent in December compared with the same month last year, while the average price was up almost 12 per cent in the month from a year earlier.
The December jump caps a surge in activity in the second half of last year, while a slower first half meant that overall 2019 sales were in line with annual medians for the decade.
The increased sales over 2018, even as new listings dropped 2.4 per cent year-over-year, helped push the average selling price for the year up by four per cent to $819,319. The average selling price in December was $837,788, up 11.9 per cent from a year earlier.
For the year, condos saw the biggest price gains, up 6.4 per cent to an average of $587,959 compared with 2018, while detached home prices were up 0.9 per cent to an average of $1.02 million compared with the previous year. Condo sales activity was up only three per cent overall last year, while detached home sales were up 18.8 per cent.
For December, detached homes actually recorded higher price gains, up 11.6 per cent in the month to $1.05 million as sales were up 26.2 per cent from a year earlier. The average condo price was up 10.4 per cent to $612,464, while sales were up 6.9 per cent.
The increase in activity in the second half of the year came as mortgage rates declined, while the economy remained healthy and the population continued to grow.