GTA Real Estate Prices Hit Record $916,567 Average, Up 33.2%

Yesterday, the Tronto Real Estate Board reported that GTA residential sales through the MLS® System in March 2017 reached an average price of $916,567, up 33.2% from March 2016. The number of units sold increased to 12,077, versus year ago of 10,260 (up 17.7%) and surpassed the year-over-year increase in new listings of 17,051 (up 15.2%). This shows that the market continued to tighten.

Detached homes continue to lead the sales growth, followed closely by condominium apartments. What I’m seeing is lots of young individuals looking to condominiums for their first purchase, and then when they start their family, looking for detached homes or semi-detached homes depending on their finances.

Toronto Real Estate Board President, Larry Cerqua, stated “It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market. Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth.”

Strong competition between buyers continues to drive high levels of price growth, but who are these buyers, how are they able to pay such high prices and why are they taking on such purchases? As a Real Estate Broker, I get to see who many of these buyers and potential buyers are. If government wants to proceed from an informed position, they should speak directly with the Real Estate Agents and Brokers. But, will they like what they hear?

What do you think should be done to make GTA homes more affordable for working Ontarians?

Baldo Minaudo, M.B.A.

Real Estate Broker, Real Estate Homeward Brokerage

Direct: 416-564-0245