2016 MAY BE RECORD FOR TORONTO REAL ESTATE

Jan 18, 2016

By Bob Komsic

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This is expected to be another strong year for home sales and might set a record – again.

A home for sale sign hangs in front of a house in Oakton, on the day the National Association of Realtors issues its Pending Home Sales for February report, in Virginia March 27, 2014.  REUTERS/Larry Downing

The Toronto Real Estate Board estimates its realtors will sell between 96,500 and 105,000 this year.
The record is 101,229 transactions set last year.
The average selling prices is also expected to go up to between $655,000 and $665,000 from just over $622,000.
Whether 2016 will result in another record year will depend on a couple of key factors – the direction of borrowing costs and availability of listings.
Research done for TREB suggests only a small percentage of buyers will be affected by tighter mortgage lending rules announced by Ottawa in December.
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