The Goldman Team

December 2016 Caps Off a Record Year for Toronto Real Estate

09 January 2017
Cathy Goldman

December did not disappoint! Capping off a record 2016, TREB reported double-digit price growth across all major property types, with the exception of semi-detached properties. Detached homes and townhouses led the group with average price increases, year-over-year, of 24%. Condos reported an average price increase of 17% and townhouses 9%, year-over-year. As newer townhouse inventory hits the market, more buyers are opting to purchase a brand new property versus an older semi-detached home. This is one reason for the immense price growth in townhouses and the lower increase in semi-detached prices.

As the chart above demonstrates, as of December 2016, the average price of a detached home in Toronto is $1,286,605; an increase of 24% year-over-year. Semi-detached homes averaged $808,920; an increase of 9% year-over-year. Townhomes and condos averaged $662,959 and $466,592, respectively; increases of 24% and 17%, respectively.

Source: http://communications3.torontomls.net/statistics/mwatch/2016/12/mw1701.pdf

This is not intended to solicit buyers or sellers currently under contract with a brokerage.