The new year is starting off much like the last one ended for Toronto’s housing market – hot.
However it was even hotter in the regions surrounding the city.
Sales in the GTA rose just over 8% in January from a year earlier.
The Toronto Real Estate Boar says there were 4,672 transactions.
Average prices climbed 14.1%, which the MLS home price index, which is considered a better indicator, showed an increase of 11.2%
When looking at prices, the suburbs burned the city.
The TREB says, ”The difference in the annual growth rates for MLS and average price was largely due to a greater share of high-end detached homes sold in the regions surrounding the city of Toronto this year compared to last.”
The average price for a detached home in the city rose 11.6% but in the 905 it soared 20.9%.
But such a home still went for more in the city, at an average of $1.06-million compared with the suburbs $783,565.