Brief recap of Toronto’s Real Estate Market in 2017

In brief, 2017 saw an impressive 92,394 sales across the Toronto Real Estate Board which clocks in as the 4th best year ever re: sales volume. Average prices across the board rose as a whole to $822,681 (almost a 13% increase over 2016). Almost all of the growth was seen over the first 4 months of the year. Things to note: in the second half of the year sales volume was the lowest over the past 5 years by a longshot, as well as average prices declined during this time frame. Affordability in the very expensive detached market is declining with sales in the more affordable semi detached and condo market pushed up 11.5% and 14.1% respectively. As the price gap narrows between a detached house and a semi-detached house, and between semi-detached and a condo, this will be an area to keep an eye on in 2018.

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