Here are a few new trends to expect in the real estate market Toronto, according to the latest market reports:
1. Largest growth occurring in the areas surrounding GTA
According to the Bank of Canada’s newest Financial System Review, the Greater Toronto Area (GTA) is experiencing a 32% increase in house prices. This is relative to April 2016 price levels. Most notably, the price of condos in the GTA has significantly increased. In the first few months of the year the price of condos was almost on par with prices of single-family homes.
As prices have risen, homeowners are looking for more affordable housing just outside of the GTA. Consequently, home prices in the Greater Golden Horseshoe area have risen. As a result of this increase, the areas surrounding the GTA have experienced growth at a faster rate than areas within the GTA.
2. Price growth strong despite increase in listings
The May 2017 resale housing market figures revealed that despite active listings going up to 42.9% in May, price growth remains strong. Elli Davis and her team suggest in their latest Market Watch Report that the average selling price in May hit $863,910. This is a 14.9% increase compared to last year.
3. Summer home releases and openings
Lastly, as homeowners begin to take advantage of the strong price growth, we’re bound to see many new home releases and openings this summer.
With listings growing, it’s sure to be an exciting summer for the real estate market Toronto.