- Home sales in the Greater Toronto Area reached a record high of 113,133 in 2016, an 11.8% increase over 2015. The average selling price also increased significantly, rising 17.3% to $729,922. - Housing demand remained strong due to a healthy regional economy and population growth, however the supply of homes listed for sale declined, exacerbating price increases. Listings were at their lowest point in over 15 years. - While foreign buyers make up a small share of the market (estimated at 4.9% of transactions), affordability continues to be a concern, especially if the city increases land transfer taxes as proposed in the budget.