Y Media- The biggest South Asian Media House|Wednesday, December 13, 2017
You are here: Home » Canada » GTA Average Home price $770,745, INCREASES 22.3%
  • Follow Us!

GTA Average Home price $770,745, INCREASES 22.3% 

TORONTO, February 3, 2017 — Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB’s MLS® System in January 2017. This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.

“Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory,” said Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January.  Similarly, over the same period, the average selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.

“The number of active listings on TREB’s MLS® System at the end of January was essentially half of what was reported as available at the same time last year.  That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017.  The result will be very strong price growth for all home types again this year,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price January 1 – 31, 2017

2017

2016

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto (“416”)

1,904

727,928

2,886

1,684

635,702

3,737

Rest of GTA (“905”)

3,284

795,569

4,452

2,956

627,055

5,169

GTA

5,188

770,745

7,338

4,640

630,193

8,906

 

TorontoMLS Sales & Average Price  By Home Type January 1 – 31, 2017

Sales

Average Price

416

905

Total

416

905

Total

Detached

466

1,795

2,261

1,336,640

999,102

1,068,670

Yr./Yr. % Change

-5.5%

11.9%

7.8%

26.8%

27.8%

26.3%

Semi-Detached

118

305

423

902,688

661,545

728,814

Yr./Yr. % Change

-3.3%

-6.7%

-5.8%

26.4%

28.5%

28.1%

Townhouse

183

594

777

658,349

604,263

617,001

Yr./Yr. % Change

7.6%

7.0%

7.2%

26.1%

27.8%

27.4%

Condo Apartment

1,125

511

1,636

471,409

379,169

442,598

Yr./Yr. % Change

26.8%

26.5%

26.7%

13.1%

18.5%

14.5%

 

January 2017 Year-Over-Year Per Cent Change in the MLS® HPI

Composite (All Types)

Single-Family Detached

Single-Family Attached

Townhouse

Apartment

TREB Total

21.82%

25.32%

22.74%

22.71%

18.70%

Halton Region

22.63%

22.85%

23.54%

21.53%

Peel Region

22.66%

23.17%

24.76%

22.58%

20.63%

City of Toronto

16.33%

23.54%

20.41%

21.28%

20.99%

York Region

21.34%

29.03%

26.23%

18.69%

13.89%

Durham Region

26.43%

26.30%

26.16%

35.34%

25.94%

Orangeville

24.80%

24.99%

21.18%

South Simcoe County1

28.46%

28.16%

29.91%

Source: Toronto Real Estate Board
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth

Related posts: