TREB: GTA prices still being boosted by a hodgepodge of factors

The average home price in the Greater Toronto Area increased by approximately 20 per cent year-over-year in December (up to $730,472), and the city’s real estate board attributed this development to the cumulative effects of various economic and demographic realities.
“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region's population continued to grow in 2016,” TREB president Larry Cerqua said on January 5, as quoted by CBC News.
The average selling price for 2016 as a whole grew by 17.3 per cent compared to the previous year, up to $729,922.
Alongside these factors, intensified competition due to the scarcity of active listings—which have reached their lowest levels in 15 years last month—is spurring the Toronto market’s continuous price growth.
“Total new listings for 2016 were down by almost four per cent,” TREB director of market analysis Jason Mercer said. “What we really need is more policy focus on issues impacting the lack of homes available for sale.”
Despite the tighter conditions, Toronto’s sales volume actually grew by 8.6 per cent year-over-year in December, up to 5,338 deals across all housing types.
For the entirety of 2016, TREB agents completed 113,133 transactions through the region’s MLS system, representing 11.8 per cent annual growth.

Related stories:
Toronto area home sales hit record high in 2016, average selling price soars

Canadian housing to become even more attractive to foreigners

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?