Toronto by Doug
According to the TorontoMLS System, number of sales in December 2014 has increased by 2.0% to 6,519 in comparison with 6,391 units sold in December 2013. The average price rose to $616,13 which is a 4,36% increase compared to last year's average price of $590,366. On the other hand, the number of listings has slightly decreased along with average days on market.
Jason Mercer, TREB's Director of Market Analysis stated:
"The number of households looking to purchase [...] increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers."
All these market indicators are clearly showing that the shortage of listing and subsequent price increase that was present throughout 2014 is probably going to continue 2015.