According to the Toronto Real Estate Board (TREB), there were 4,672 residential transactions in the GTA reported through the MLS System in January 2016, an 8.2 per cent increase year-over-year.

“It is clear that the handoff from 2015 to 2016 was a strong one,” said TREB president Mark McLean in a press release. “This not surprising given that recent polling conducted for TREB by Ipsos suggested 12 per cent of GTA households were seriously considering the purchase of a home in 2016. Buying intentions are strong for this year as households continue to see home ownership as an affordable long-term investment.”

The MLS Home Price Index Composite Benchmark Price for January 2016 increased by 11.2 per cent compared to January 2015. The average selling price showed an increase of 14.1 per cent year-over-year.

The TREB mostly attributed the difference in growth rates between the MLS HPI and average price to a larger number of high-end detached homes being sold in the regions surrounding the City of Toronto in 2016, compared to 2015. The MLS HPI removes the impact of shifts the share of various property types sold from one year to the next.

“Market conditions in January were tighter compared to a year earlier, with an annual increase in sales up against a decline in listings,” said Jason Mercer, TREB director of market analysis, in a press release. “This is why growth in the MLS HPI benchmarks continued to be strong, especially for singles, semis and townhouses, where there has been a persistent lack of inventory.”