No surprise, 2016 was the second consecutive record year for home sales for the Toronto Real Estate Board, as Realtors reported 5,338 homes sold, up 8.6% over December 2015. This brought the total number of sales in 2016 to 113,133, up 11.8% over 2015. The overall average selling price for calendar year 2016 was $729,922 – up 17.3% compared to 2015’s final price of $622,121.
The prognosis for 2017? More of the same. Low inventory, high demand, and increased prices, as none of the factors from 2016 have changed.
The strongest rate of growth of all home types in 2016, was in condominium apartments, up 18.5%, with the average condominium apartment selling at $440,669. Why? The answer is obvious. As prices of other home types became unaffordable to first time buyers, they had no choice but to look at condominium apartments.
The next big areas of price increase? The outskirts. Barrie,Orillia,Peterborough, Newmarket, Oshawa, Pickering, etc. Those people who cannot afford Toronto prices, but are willing to drive in order to get the home they crave, will have few other options.
As the Toronto infrastructure continues to develop and improve new areas are rapidly gentrifying and being turned around.There are still good opportunities to invest with room for appreciation.My website is updated weekly with new opportunities in residential homes,condos,income properties and mixed use commercial buildings.(please put web address in here)
If you are looking to purchase or know of someone who is, please give me a call and let me put my experience and knowledge to work for you.
Have a great 2017, and feel free to call me and chat if you have any questions.