In the Greater Toronto Area, the sales of homes seems to be doing well since the year commenced, matter of fact, the sales figure went up by 11.8 per cent unlike the beginning of 2015. The MLS system of Toronto Real Estate Board indicated that the sales of home in January amounted to 5,188, with current listing around half of the January 2015 level, stressing on the ongoing worry about supply.
The Director for TREB’s Market Analysis, Jason Mercer said; “The number of active listings on TREB’s MLS® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year.”
Average home prices in the Greater Toronto Area went up by 21.8 per cent, whereas, the benchmark selling figure increased to $770,745, by 22.3 per cent.