Toronto

Toronto home sales jump 17.4% in December, average price up 12%

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.

Condos saw the biggest price gains through 2019

For December, sales of detached homes were up 26.2 per cent from a year earlier. (Richard Buchan/Canadian Press)

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.

Comments

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.

Become a CBC Member

Join the conversation  Create account

Already have an account?

now