The new year marks a significant milestone for many of us. For those interested in the real estate market, it means we're able to gather all the data compiled by the Toronto Real Estate Board for the past year and analyze it. As you probably heard over the course of the year, 2016 seemed like an epic year for real estate sales and prices, and it was. The average price of all homes in GTA increased by 16%. That's about 7 percentage points more than the previous year and more then double the increase in 2014.
December stats played a factor in the annual equation, up exactly 20% from December 2015. Only a minor percentage drop in price was seen from previous months, most likely due to a low supply of homes available for purchase.
With only a few more months left of this fridgid temperature, it will be interesting to see how the market plays out this year. I don't see us breaking the records set in 2016 but if the demand for residential real estate continues as it has then I expect we won't be far behind in 2017. See my full December & 2016 report.