Toronto 2016 Numbers Are Out…Another Record Year!

January 17th, 2017

No surprise here. The number of sales in Toronto increased from 101,213 (for the year of 2015) to 113,133 (for the year of 2016) which is an annual increase of 11.78%. At the end of 2016, the average sales price in the GTA was $729.922 which is up from $622,121 in 2015.

It’s worth noting that a recent study was done to measure the amount of foreign real estate transactions in the GTA over the past year (from September 2015 to September 2016). Less than 5% of real estate transactions involved a foreign party which shows that FOREIGN BUYERS ARE NOT THE MAIN CAUSE FOR TORONTO’s INCREASING REAL ESTATE MARKET.

November 2016 Toronto Real Estate Up!

December 4th, 2016

Number of real estate sales reported to the Toronto Real Estate Board up from 7,337 (Nov 2015) to 8,547 (Nov 2016) (16.5% increase). Average sales price up from $632,774 to $776,684 (22.7% increase).

Looks like the mortgage rule changes that took effect Oct 17 had little effect…let’s see what effect the Nov 30 rule changes will have (stay tuned for December numbers).

Toronto Real Estate Up In October 2016

November 7th, 2016

Number of sales in October 2016 increased to 9,768 from 8,759 in October 2015 (11.5% increase). Average sales price increased to $762,975 from $630,254.

However, number of listings only increased by 1%, which means demand still outweights supply.

It will be interesting to see what effect the new mortgage rule have on the market over the next few months.

New Tougher Mortgage Rules Are Here!

October 21st, 2016

As of October 17, 2016, all mortgages with less than 20% down will be qualified at the Bank Of Canada posted 5-year mortgage rate (currently 4.64%). Previously longer term fixed mortgages (mortgages with a fixed term of 5-year or longer) were qualified at the actual contract rate. This will effect the housing sub-market for first-time home buyers (ie condos).

August Numbers Up!

September 9th, 2016

Increasing population (growing demand) and lack of listings (decreasing supply) lead to higher average sales price for Toronto real estate in August 2016 (compared to August 2015).