The hot property markets in Vancouver and the provincial capital have denoted record sales in a very year that saw already stratospheric costs rise even higher.
Real estate boards in each city discharged figures that showed 2015 was a particularly busy year for agents. In Toronto, sales within the twelve-month rose 9.2 per cent over the previous year to hit a record 101,299.
"If the market had benefited from more listings, the 2015 sales total would have been greater," said Mark McLean, in a statement. He is the president of the Toronto Real Estate Board. "As it stands, we begin 2016 with a substantial amount of pent-up demand," he explained.
That demand helped to drive the typical merchandising asking price for the total year within the bigger provincial capital space to $622,217 - up 9.8 per cent from 2014. Within the town of the provincial capital, the typical asking price for all property sorts was $659,270. For detached homes, the typical asking price within the town hit $1,039,658 in December, up 11.8 per cent in a very year.
Sotheby's International Realty Canada's Vice President, Elaine Hung, said the high levels of immigration, the limited supply of homes and the low interest rate, increased the high end housing markets in Vancouver and Toronto. Hung explained, "We had a lot of buyers who were very eager to enter the market, and they were bidding on a limited number of homes, particularly in premier neighbourhoods."
An alternative value mensuration shows an identical increment. The MLS home index number for the bigger provincial capital space, that measures the speed at that costs amendment over time by pursuit value changes in "typical" homes, was up ten per cent from 2014, to $573,500.
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