No surprise, 2016 was the second consecutive record year for home sales for the Toronto Real Estate Board, as Realtors reported 5,338 homes sold, up 8.6% over December 2015. This brought the total number of sales in 2016 to 113,133, up 11.8% over 2015. The overall average selling price for calendar year 2016 was $729,922 – up 17.3% compared to 2015’s final price of $622,121.
The prognosis for 2017? More of the same. Low inventory, high demand, and increased prices, as none of the factors from 2016 have changed.
The strongest rate of growth of all home types in 2016, was in condominium apartments, up 18.5%, with the average condominium apartment selling at $440,669. Why? The answer is obvious. As prices of other home types became unaffordable to first time buyers, they had no choice but to look at condominium apartments.
The next big areas of price increase? The outskirts. Barrie, Newmarket, Oshawa, Pickering, etc. Those people who cannot afford Toronto prices, but are willing to drive in order to get the home they crave, will have few other options.
Experience and knowledge. Those are the 2 most important factors when choosing any professional. Whether it be a doctor, lawyer, car mechanic, gardener, cleaning lady or real estate agent. Picking by price generally does not end well. The number of real estate agents has grown exponentially in the last few years as people believe it’s an easy business. As they realize the difficulties, they lower their prices to get business. I have seen many cases, where the seller saved $15,000 in commission and lost $50,000 +++ in the sale price of their home.
If you are looking to purchase or know of someone who is, please give me a call and let me put my experience and knowledge to work for you, you will be pleased with my results!
Have a great 2017, and feel free to call me and chat if you have any questions, after all, you have a friend in Real Estate!
Your Friend in Real Estate,
Steven Maislin, I.R.E.S. ABR, SRS, SRES
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