Double Digit Home Price Increase for Toronto in 2017
Largest impediment for Toronto Market is Lack of Inventory according to TREB.
On January 31st, the Toronto Real Estate Board released its annual Market Year in Review & Outlook Report at its Economic Summit. This report provides a look forward into the 2017 housing market and tackles top-of-mind issues, including consumer intentions, foreign buying activity in the Greater Toronto Area, impact of transportation infrastructure on housing affordability, and the lack of housing supply. Click Here to download the full report.
2017 Outlook Highlights
TREB is forecasting a strong year for home sales, with a projection of sales between 104,500 and 115,500 units with a point forecast of 110,000 units – down 2.7% from the 2016 sales reported by GTA REALTORS.
With strong demand and constrained supply of listings in 2017; double-digit annual rates of price growth (between 10-16%) are expected to remain across most of the GTA. The average price will range between $800,000 and $850,000 with a point forecast for the average selling price of $825,000. Low-rise homes, including detached, semi-detached, and townhomes; will continue to lead the way in annual price growth but condominium apartment prices will continue to see an upward trend.
2017 Ipsos Survey Highlights
- 28% of GTA Residents are Somewhat Likely or Very Likely to Purchase Real Estate
- 53% of GTA Intending Buyers are First-Time Buyers
- 40% of GTA Intending Buyers intend to purchase in the City of Toronto
- Just under 66% of GTA Intending Buyers plan to purchase re-sale homes
- 14% of GTA Intending Buyers expect to pay $1 Million+ for their home
- 48% of GTA Intending Buyers plan to purchase a Detached Home
- 27.6% is the Average Down Payment GTA Intending Buyers plan to put down
About the Toronto Real Estate Board
The Toronto Real Estate Board was founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 45,000 Members.
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