Low Rise & High Rise markets

the Supply continues to be low and Demand at all time high in the GTA

Listings down (as entered into the MLS system) by 12.5% on a year-over-year comparison for 2017. Resulting in the upwards trend of 27.7% in the average selling price to $875,983, vs. the same time in2016 it was, $685,738. Strong demand and low inventory is driving the price of house ownership to record levels.

This has had a trickle effect on the condo market as buyers affordability has been reduced (Ottawa implemented the stress test in November 2016) so those looking for ownership have had to look at condo ownership to get into the market.

The new mortgage rules were implanted to rein in debt loads and an attempt to likely cool prices (as stated by CBC news in Oct, 2016) however, as we can clearly see, it has had the opposite effect as ownership continues to be a primary and important long-term investment.

The double-digit price increases & annual rates of growth will continue in the Greater Toronto Area in both the housing & condo markets, until we see an increase in supply levels, this upward price trend will continue throughout 2017 and an annual basis.

GTA Residential Average Price* 1996-2016

1996 — $198,150
1997 — $211,307
1998 — $216,815
1999 — $228,372
2000 — $243,255
2001 — $251,508
2002 — $275,231
2003 — $293,067
2004 — $315,231
2005 — $335,907
2006 — $351,941
2007 — $376,236
2008 — $379,347
2009 — $395,460
2010 — $431,276
2011 — $465,014
2012 — $497,130
2013 — $522,958
2014 — $566,624
2015 — $622,217
2016 — $729.918
2017 — $834,144 (year to date)

*MLS, Source: Toronto Real Estate Board, RE/MAX Hallmark Ltd.