With February coming to its midpoint, looking back at January we saw a 22 per cent year-over-year increase in home prices, according to the Toronto Real Estate Board’s (TREB) benchmark index.
While sales figures increased, the number of new listings in January 2017 declined to roughly half of the January 2016 figures, underscoring an ongoing lack of supply in the region. This will ultimately result in a very strong price growth for all home types again this year.
The average selling price of a home in the region was $770, 745 last month on the index, $140 552 more than a year ago, TREB reported Friday. Condo prices also rose 14.5 per cent across the region, to an average $442, 598. Condo’s also saw the greatest gains in the number of sales, increasing, 26.7 per cent across the region, year over year.
TREB is predicting a strong year for Toronto region real estate with gains between 10 and 16 per cent through the year. Also, the employment picture, a major contributor to the property market’s health, continues to look strong.
Are you interested in putting your luxury home on the market? Contact a Hammond International Properties representative today. We will provide you with private counsel and help you make a confident decision about selling your estate.