Real Estate Market Update January 2017 - Toronto - GTA
No surprise to hear that 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.
What can we expect in 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? This is because 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 like; Hamilton, Barrie, 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.
Experience and knowledge. Those are the two most important factors when choosing any professional. Whether it is a doctor, lawyer, car mechanic, gardener, cleaning lady or real estate agent. Choosing by price generally does not end well. The number of real estate agents has grown exponentially in the last few year’s as people believe it’s an easy business. As they realize the difficulties, they lower their prices to get business. I have seen many cases, where the seller saved $15,000 in commission and lost $50,000 +++ in the sale price of their home.
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 - you will be pleased with my results!
Have a great 2017! Please feel free to call me and chat if you have any questions, after all, you have a friend in Real Estate!
Your Friend in Real Estate,
Suzana ( Sue ) Davies , Sales Representative Remax Realtron
P.S. I am never too busy for your referrals!
firstname.lastname@example.org 416-843-7017 www.suzanadavieshomeseek.com
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