2017: SELLER’S MARKET CONDITIONS TO REMAIN IN PLACE

“Strong rates of price growth and a short supply of listings will continue to make headlines in 2017. TREB MLS® System sales are expected to range between 104,500 and 115,500, with a point forecast of 110,000. The results of a TREB-commissioned Ipsos survey on intending buyers found less respondents planning to purchase a home in 2017 than compared to the previous year. Despite the possibility of a decline in sales, first-time buyers will continue to account for more than half of the home sales in the GTA. Strong first-time buyer activity points to confidence in home ownership as a quality investment. A likely range for the average selling price in 2017 is between $800,000 and $850,000, with a point forecast of $825,000. This suggests an approximate calendar year growth rate ranging between 10 per cent and 16 per cent.”

2016: ANOTHER RECORD YEAR FOR GTA HOME SALES

“2016 saw both record home sales and accelerated annual sales growth. Key drivers of record home sales included population growth, low mortgage rates, low unemployment, and above-inflation economic growth, while strong demand and very low inventory resulted in robust price growth. It’s important to note that record home sales in 2016 were heavily based on domestic demand. Foreign buying activity in the GTA represented a minimal 4.9 per cent of transactions. In fact, the great majority of foreign buyers were purchasing a primary residence, a property to rent out, or a property for another family member to live in. You’ll find more on the market in 2016, including the results of TREB-commissioned Ipsos surveys on recent buyers and foreign buying activity in the first section of this report.”

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