2015 was a record setting year in Toronto real estate. 101,299 listings were sold in the GTA - 9.2% more than in 2014. Average price of all property types increased by 9.8%, to $622,217.
As we saw in 2014, a shortage of listings, especially in the low rise category, caused competition between prospective buyers and bidding wars. In the City of Toronto 10,781 listings were sold above asking price - that's 27.8% of all listings sold. 8,469 (or 46.8%) of these sales above listing price were of freehold houses. 11.2% of condo sales also received more than the listing price.
56 listings in the City of Toronto sold for more than 140% of the asking price. The highest percentage received for a house - 163% - was paid in April for a detached home in Seaton Village. There was one sale at 313% of listing price of a vacant land at Eglinton and Mount Pleasant. One condo listing also sold for 140% of asking, getting $805,000 above the asking price of $1,995,000.
New rules are in place now to prevent a possible abuse of the hot market by unscrupulous individuals. The owners must decide, before the listing is posted, whether or not they are willing to entertain a preemptive offer, and that decision must be clearly stated on the listing. And the listing brokerage must keep on file all registered offers, either as a copy of the offer or a signed Offer Summary Document.
In December in the City of Toronto the average price of a detached house was $1,039,638, of a semi-detached was $743,738, and of a townhouse was $502,648. Condo apartments sold, on average, for $400,088, and condo townhouses for $477,628.