Toronto Real Estate Report
by Royal LePage
2016 Q4 Survey and 2017 Market Forecast (January 12, 2017)
The Royal LePage’s report says of the Toronto and Ontario real estate markets:
- “Meanwhile in the fourth quarter, the GTA market witnessed double-digit aggregate home price increases in all sub-regions studied, with the aggregate price of a home in the region rising 16.1 per cent year-over-year
- Like Greater Vancouver, the Greater Toronto Area markets we studied in our House Price Composite are seeing double-digit year-over-year home price appreciation across the board. However, these two regions, often grouped together as Canada’s booming real estate markets, are on divergent paths,” explained Soper. “Unlike Vancouver where a price correction is underway, there is no relief in sight for the GTA – forward momentum and supporting fundamentals in the region are that strong. And it is worth noting, Toronto area home prices are much lower that those on the west coast.
- In the fourth quarter of 2016, the aggregate price of a home in the GTA rose 16.1 per cent to $720,761. The aggregate price of a home in the City ofToronto proper rose 12.4 per cent to $720,029, while some surrounding suburbs such as Richmond Hill, Oshawa, Whitby and Vaughan saw “Vancouver-like” increases of 30.1 per cent, 26.9 per cent, 21.3 per cent and 19.9 percent to $1,138,826, $471,957, $610,658 and $927,371, respectively.
- Other Ontario markets also saw strong home price increases as the quest for affordability spread to regions beyond the GTA. In Hamilton, the aggregate price of a home increased 14.5 per cent to $445,249, while Kitchener/Waterloo/Cambridge and Niagara/St. Catharines saw price increases of 12.9 per cent to $390,715 and 10.0 per cent to $311,577, respectively. Ontario’s major housing markets are expected to see continued price appreciation in the year to come, led by double-digit home price increases in the GTA. “
For the full report, please see : Moving Away from the Regional Extremes of Real Estate Feast and Famine
Canada Housing Trends : 2017 Market Forecast – Canadian Cities
Christine Ng Broker, Royal LePage Signature Realty 416.443.0300 firstname.lastname@example.org