Toronto Real Estate Home Prices Report- January 2017
Toronto Real Estate Home Prices Report For January 2017
[All statistics via TREB Market Watch]
Sales up 11.8% in the first month of January 2017
Annual rates of sales were higher for condominium apartments and low rise home types. Condo market segment appears to be better supplied than the low rise market segment. Regardless of the home types considered, listings in general were still constrained for the last few months.
Ipso poles suggest that there are many housholds who plan to purchase a home in 2017. TREB forecast 2017 demand for ownership housing will remain strong including demand from first time buyers.
While sales are up, listings are down by double digist for almost all major home types, which means that the market will have very little inventory. There is a serious supply problem in the GTA for single detached homes, semis and townhouses. This will continue to be the case throughout 2017.
Overall Price Growth Across Major Home Types Up 22.3%
The continual strong Sellers market and lack of supply resulted in upward price movement. Average GTA Selling Price $770,745 +22.3%
Average 416 Selling Price $727,928 +14.5%
Average 905 Selling Price $795.569 +26.9%
Average GTA Condo Selling Price $442,598 +14.5%
Average 416 Condo Selling Price $471,409 +13.1%
Average 905 Condo Selling Price $379,169 +18.5%
The above chart shows average price growth in all major sector, and average property price for 5
different housing types.
Let me help you find a creative solution for your next home in this challenging real estate market. If you would like a more comprehensive real estate report based on your neighbourhood or building, please don't hesitate to get in touch to obtain a customized report through me.
Sign Up for Regular Updates, Instant New Listings Notification and Toronto Monthly Market Reports.