According to a recent statement from the Toronto Real Estate Board (TREB), December 2015 saw the second-best sales on record for the month, concluding a record year for homes sold in the Greater Toronto Area through the MLS System.

According to the TREB, there were 4,945 sales reported in December, with a total of 101,299 total home sales throughout 2015, a 9.2 per cent increase over 2014. Sales increased annually across all major home types.

“Home ownership is a quality long-term investment that families can live in while the value increases over time,” said TREB president Mark McLean, in a press release. “A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term.”

“If the market had benefitted from more listings, the 2015 sales total would have been greater,” he continued. “As it stands, we begin 2016 with a substantial amount of pent-up demand.”

The average selling price of a home in 2015 was $622,217, a 9.8 per cent increase over 2014’s figure of $566,624. The MLS Home Price Index Composite Benchmark Price saw a similar 10 per cent increase in December.

According to the TREB, home price growth in the GTA was driven by low-rise homes, but condominium apartment price growth was generally well above the rate of inflation throughout 2015.

“TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016,” said Jason Mercer, TREB director of market analysis, in a press release. “Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing.”