Continuing its streak as one of Canada’s most active and desirable housing markets, Toronto is poised for further increases in residential property prices this year, the city’s real estate board said.
The news came in the wake of the latest official figures tallied by the TREB, which found that the average purchase cost across all housing types swelled by 17.3 per cent in 2016, up to $729,922. This was the 20th consecutive annual increase in Toronto, The Globe and Mail
Prices will increase despite greater competition due to the high ratio of sales to active listings, according to TREB director of market analysis Jason Mercer.
“The market conditions are tight enough that even if we saw a dip in sales in 2017 versus 2016, you’re still going to see extremely tight conditions,” Mercer said in a January 5 interview.
“In a lot of neighbourhoods, you’re going to continue to see fairly healthy price increases. When you have that kind of supply situation up against strong demand, it is difficult to see a dramatic one-year turnaround in terms of pricing.”
The Toronto market saw 5,338 sales transactions for all housing types last month, representing an 8.6 per cent year-over-year increase in this metric.
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