Toronto Real Estate Home Prices Report- April 2017
Toronto Real Estate Home Prices Report For April 2017
[All statistics via Toronto Real Estate Board and Canadian Real Estate Association]
Sales dropped 1.6% in Toronto in the month of April 2017
April marks the beginning of the second quarter fo the Toronto real estate market. Last month we saw a shift in the supply of listings, new government policy of Ontario's fair housing plan.
The overall GTA sales dropped 3.2% year over year, but total GTA condo sales went up 7.7%. The sales in the 416 area dropped 1.4% in April, but the transactions in the condo segment went up 8%. Supply of new listings are up for all home types in detached, semi-detached and townhouses. This offered buyers more choices. However, prices are still strong and multiple offers remain a common scenario for freehold. In the high-rise segment, new listings for condos were down compared to this time last year.
Overall Price Growth Across All Major Home Types Up 24.5%
Selling prices remain robust across the GTA. Condominium segment demonstrated strongest price growth well above the rate of inflation.
Average GTA Selling Price $920,791 +24.5%
Average 416 Selling Price $943,947 +23.1%
Average 905 Selling Price $907,877 +25.2%
Average GTA Condo Selling Price $541,392 +32.1%
Average 416 Condo Selling Price $578,280 +32.3%
Average 905 Condo Selling Price $449,792 +31.0%
The above chart shows average price growth in all major sector, and average property price for 5 different housing types.
Introduction of fair housing plan to help cool market and curb housing affordalibility
With the proposed vacant property tax, foreign buyer tax and rent control measures, the government is targeting foreign purchasers who are not citizens of Canada to address homeownership demands, as well as landlords to protect tenants from skyrocketing rents in the GTA. Deatils of the 16 points Ontario Fair Housing Plan can be referenced here.
From my day to day trading activity, buyers are still offering strong prices to secure a home with frequent multiple offers scenario. However, we are definitely seeing fewer bully offers. We have yet to see the impact these policies have on the market through this quarter although double digit gains are still expected in the short term.
Below source from CREA:
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