GTA Realtor Report – December 2015
Sales were up a whopping 9.2% this year with 101,200 transactions reported by TREB for 2015, with this month being 2nd best December on record in the GTA.
I’m constantly being asked if the market is going to burst but I have to say, along with the analysts, I don’t see any signs of the market cooling down anytime. The demand for ownership has remained strong not only in the past couple years but I’ve read some studies showings that Toronto home prices have actually been appreciating for 2 straight decades with home values roughly doubling every 10 years. Something I can attest to time and time again when I’m doing research for my buyers and sellers.
Low supply has continued to drive prices upward and I, along with many of my fellow realtors have many clients still in wait to purchase a property- Overall sales and my personal sales would have been greater if the market hadn’t been so limited on listings in comparison to the demand.
The average sales price for a Detached home in Toronto hit $1,039,638 , $747,222 in the 905’s. The overall sales price for 2015 as a whole was $622,217 – up 9.8% since 2014!!!!! The low rise/home segment of the market was the driving force but condominium price growth was still above that of inflation.
Demand for home ownership is expected to remain strong in 2016 and price growth will continue to be supported by low interest rates, population growth/foreign investors, a strong economy and a constant influx of 1st time buyers coming into the market.
Best advice I can ever give to anyone not yet in the market is to get in as quickly as they can- we wouldn’t say to just buy anything you can afford but instead sit down with us for a proper consultation to see your “what and where” options based on your affordability/pre-approval amounts and we’ll help guide you in a direction where we can see your investment doing the best over time. The first move is usually just a stepping stone – get your foot in the door, ride the wave and make some money to put towards the next home.