As I was predicting earlier this year, the annual sales volume of the Toronto Real Estate Board has hit a new high this year, and it has done so in the past eleven months.
New highs are always nice but should we be surprised? Every year the population of Toronto increases at a net 80,000 to 100,000 persons. The boundaries of the Toronto Real Estate Board are larger than the Greater Toronto Area (GTA) and yearly 20,000-40,000 units of new construction are built here. Please note that the statistics of the Toronto Real Estate Board are mostly statistics that reflect sales on the MLS system. The full statistics of the number of transactions would only be available through the Land Registry System or Teranet.
That being said an increase of this size still points to the general health of the real estate market in Toronto which I think will continue to increase as long as rates stay low and immigration high. Also the Canadian dollar continues to make Canada a favourite of foreign investors...
Title photo by Views From Lisa