The Goldman Team

Strong Start to 2017: Price of Detached Homes Up 26% in Toronto in January

06 February 2017
Cathy Goldman

Continuing the trend from last year, 2017 is off to a record start. Sales across all property types – detached, semi-detached, townhouses, and condos – are up year-over-year. The supply problem experienced in 2016 has carried over into 2017. The number of new listing in January was down 17.6%, year-over-year, according to the Toronto Real Estate Board.

In Toronto, prices across all property types experienced double-digit growth in January, year-over-year.

As the chart above demonstrates, the average price of a detached home in Toronto is $1,336,640; an increase of 26% year-over-year. Semi-detached homes averaged $902,688; an increase of 26% year-over-year. Townhomes and condos averaged $658,349 and $471,409, respectively; increases of 27% and 13%, respectively.

As we’ve reported in our past market monitors, condo sales have far outpaced other home types in Toronto. In January, the total volume of condo sales reported to TREB was 1,125, far exceeding detached, semi-detached, and townhome sales.

According to Larry Cerqua, TREB President, "home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory.”

In case you missed it, click here to read The Goldman Real Estate Report: 2016 In Review.

Source: http://communications3.torontomls.net/statistics/mwatch/2017/01/mw1701.pdf

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