2016 was a banner year for the GTA housing market, according to year end figures released by the Toronto Real Estate Board (TREB.)
Sales rose by 11.8% to 113,133 year over year, and prices jumped 17.3% to an average selling price of $729,922. Sales in the City of Toronto totalled 41,126 (average price $740,685) and 72,007 in the rest of the GTA (average price $723,774.) The average price of a detached home in 416 totalled $1,252,069 (up 19.5%); in the 905 area it stands at $891,856 – an increase of 22.5%.
December 2016 sales rose by 8.6% over 2015, and prices increased by 20%.
Condo unit sales beat sales of detached homes, taking the number one spot; condo sales increased in 2016 by 20.3% compared to a 10.5% increase in sales of scarce detached properties. The inventory crunch continues: Active listings hit a decade-and-a-half year low, according to TREB.
TREBs 2016 results aren’t surprising; it’s the second consecutive record year for home sales. But what of 2017?
TREB is concerned: “In 2016, we saw policy changes and policy debates pointed at the demand side of the market,” notes Jason Mercer, director of market analysis for TREB. “…what we really need is more policy focus on issues impacting the lack of homes available for sale.”
The Board will soon host a Market Year in Review and Outlook event focusing on housing supply and possible solutions. So stay tuned.
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