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Housing prices in Toronto are projected to increase by 6% next year, according to a report released by real estate company ReMax.

According to RE/MAX’s 2020 Housing Market Outlook Report, the trend of a strong housing market will continue. It’s a trend that definitely favours property sellers.

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The report noted the average sale price of residential properties in 2019 was $880,841. Next year, the amount is expected to increase to $933,691.

“We really saw some momentum in the second half of this year seeing sales trends going up strongly,” said Jason Mercer, Chief Market Analyst for the Toronto Real Estate Board.

“On the price side, we’ve also seen market conditions tighten up with sales representing a higher share of listings on the market,” he said. “There’s a competition with would-be buyers and that tends to exert upward pressure on prices, as well.”

The report noted the 6% increase is a result of demand in the detached home market, growth in the economy and better employment rates.