The Toronto Real Estate Board says red-hot property sales in Canada's largest city picked up in January where 2016 left off, with transactions up 11.8 per cent year-over-year despite a double-digit drop in new listings. TREB reported 5,188 residential sales in the Greater Toronto Area through its MLS System last month, compared to 4,460 sales in January the year before. That gain came despite a 17.6 per cent drop in the number of new GTA listings in January, down from 8,906 to 7,338 year-over-year. Condo sales in the GTA increased 26.7 per cent year-over-year in January, compared to respective increases of 7.8 per cent and 7.2 per cent for detached homes and townhouses. Meanwhile in Metro Vancouver, the Real Estate Board of Greater Vancouver reported Thursday that home sales dropped by almost 40 per cent in January from the year before.

Source: CBC News February 03, 2017 13:09 UTC