Toronto Real Estate Report

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. “