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Market Year in Review and Outlook Report 2017

Market Year in Review and Outlook Report 2017

The Toronto Real Estate Board (TREB) has just released it’s Market Year in Review & Outlook Report for 2017. Here are the summary points, as well as the full report below.

2016 Market Year in Review Summary

  • Record home sales and accelerated annual sales growth occurred in 2016.
  • Key drivers of record home sales include population growth, low mortgage rates, low unemployment, and above-inflation income growth.
  • Strong demand and very low inventory resulted in robust price growth.
  • Record home sales in 2016 were heavily based on domestic demand.
  • Foreign buying activity in the GTA, represented a minimal 4.9 per cent of transactions. The great majority of foreign buyers were purchasing a primary residence, a property to rent out, or a property in which another family member would live.

2017 Market Outlook Summary

  • The Ipsos Home Buyers Survey saw the number of likely home buyers decline in comparison to ayear earlier.
  • Sales on TREB’s MLS System are expected to range between 104,500 and 115,500, with a point forecast of 110,000
  • Despite the possibility of a decline in sales, firt-time buyers will continue to account for more than half of home sales in the GTA. Strong first-time buyer activity points to confidence in home ownership as a quality long-term investment.
  • 2017 will still be marked by a persistent shortage of listings, especially for low-rise home types, which remain very popular with intending buyers.
  • A likely range for the average selling price in 2017 is between $800,000 and $850,000, with a point forecast of $825,000. This suggests an approximate calendar  year growth rate ranging between 10 per cent and 16 per cent.

Read the full report below.

Market Year in Review and Outlook Report 2017 by Marian Neal on Scribd

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Marian Neal

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RE/MAX HALLMARK REALTY LTD., BROKERAGE

723 Mount Pleasant Road
Toronto  ON M4S 2N4

416-486-5588 info@torontorealestatesales.com

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