Toronto Real Estate Home Prices Report- October 2016

Toronto Real Estate Home Prices Report For October 2016

[All statistics via TREB Market Watch]

We are almost at the end of the year and this is a good time to take a look at the first half of Q4 based on TREB's latest October numbers.

From the chart, the highest sales by home type still occur in the condominium apartment segment. Detached home sales in the GTA were also higher driven by home sales in areas surrounding the City of Toronto.

Unfortunately, there is still no relief on the supply of listings to balance the demand which continues to drive up annual price growth in a Strong Seller's market with double digit increase in all home types. Buyers will be experiencing intense market competition for the rest of the year especially for homes under $1million.

TREB will be releasing in November's mid-month report the results of buyers sentiment survey to forecast market the behaviour for Q1 of 2017. You can view the current market analysis by Toronto Real Estate Board here.

Alternatives to $1-million 3 Bedroom Freehold Homes For move-up condo buyers looking to get into the freehold market, they may find that affordability continues to be a challenge with the average price of a GTA detached house selling at $1-million and up. The steep upward trend in prices is spreading to the low rise 3 bedroom condo townhouse market in the Central submarket in C01 and C08 zones selling for over $1-million. If you want to stay in the urban centre and are looking for a 3 bedroom home to fit a growing family, the highrise condo market could still be an option.

No Foreign Buyers Tax For Ontario Premier Kathleen Wynne has announced that she will not be introducing a foreign buyer tax like B.C. At the moment, Ontario is still the top destination for direct foreign investments in different sectors. Currently working group initiatives have been set up at different levels of the government to propose incentives on easing housing affordability but at the same time continue to attract investments to Ontario.

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