According to the Toronto Real Estate Board (TREB) Market Year in Review & Outlook Report, 2016 could be the best year for home sales in the Greater Toronto Area yet, with the second-highest level on record as the worst-case scenario.
Estimating sales between 96,500 and 105,000 this year, even the low end of this estimate beats the previous second-highest number of home sales in 2007 (93,193) while the high end surpasses 2015’s record number (101,299).
Not only are the number of home sales expected to remain high, the average price of homes in the GTA is expected to land somewhere between $655,000 and $665,000 in 2016. This forecasts a strong seller’s market for this year, and continuing demand for housing of all types.
“Positive economic conditions in the GTA, both over the past year and moving forward, will help keep consumer confidence strong,” TREB explained, adding, “consumer confidence is key to purchasing a large ticket item like a house.”
Read more about TREB’s report here.
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