Toronto sees a spike in home sales in December

The Toronto Real Estate Board says home sales were up 17.4% in December compared with the same month last year, while the average price was up almost 12% 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% year-over-year, helped push the average selling price for the year up by 4% to $819,319. The average selling price in December was $837,788, up 11.9% from a year earlier.

For the year, condos saw the biggest price gains, up 6.4% to an average of $587,959 compared with 2018, while detached home prices were up 0.9% to an average of $1.02 million compared with the previous year. Condo sales activity was up only 3% overall last year, while detached home sales were up 18.8%.

For December, detached homes actually recorded higher price gains, up 11.6% in the month to $1.05 million as sales were up 26.2% from a year earlier. The average condo price was up 10.4% to $612,464, while sales were up 6.9%.

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.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.