According to the Toronto Real Estate Board, there were 92,867 residential sales recorded through the MLS system in 2014, including 4,446 in December. This represents a 6.7 percent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.

The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 percent increase over calendar year 2013 to $566,726.

Once again, the $500,000-$599,999 price range saw the most sales of detached homes with 342 sales, though the $300,000-$399,999 range saw the most sales overall with 918 properties sold in December.