Welcome guest.  ( Sign in )

Home Prices in the GTA Soar 27.7%

March 3, 2017 - Updated: March 3, 2017

 

Price of homes sold in Greater Toronto Area soars 27.7%, real state board says

 


 

 

TORONTO - The average price of homes sold in the Greater Toronto Area last month soared 27.7 per cent compared with a year ago, the city's real estate board said Friday.

The number of properties sold rose 5.7 per cent from February 2016, even though last year was a leap year which added an extra day of sales, the Toronto Real Estate Board said.

"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments,'' Jason Mercer, TREB's director of market analysis, said in a statement.

"Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue.''

The average selling price in the Greater Toronto Area hit $875,983 in February, while in the City of Toronto it was $859,186, an increase of 19.2 per cent. The MLS home price composite benchmark price for all communities measured by TREB was $727,300, up 23.8 per cent.

Concerns have mounted that home prices in Canada's largest city have spiralled to the point where policy-makers need to intervene, as they have in Vancouver, where a number of measures have been implemented including a tax on foreign buyers. The Ontario government has resisted such a move.

TREB president Larry Cerqua said governments at all three levels need to address the lack of homes available, not foreigners buying properties as investments.

"They should consider revisiting land-use designations in built-up areas to allow for a greater diversity of home types, streamlining development approvals and permitting processes, and looking at ways to incentivize landowners to develop their land,'' Cerqua said in TREB's statement.

On Thursday, the Real Estate Board of Greater Vancouver released figures showing a 41.9 per cent plunge in homes sold last month year-over-year. The MLS home price composite benchmark price for Metro Vancouver was $906,700, 14 per cent higher than what it was a year ago, but down 2.8 per cent from six months ago, after the tax on foreign buyers took effect.

Visit us at Durham Bungalows.ca for all your Real Estate needs!

 


Tagged with: gta toronto home prices
| | Share

Prepare for an Emergency Part 2

Originally posted on: June 13, 2017
Last updated on: June 13, 2017
Filed under: emergency safety
COLLECT IMPORTANT DOCUMENTS Organize important documents in one place—such as an accordion folder or fireproof safe—so you can ...

Prepare for an Emergency Part 1

Originally posted on: June 8, 2017
Last updated on: June 8, 2017
Filed under: emergeny house damage
KNOW THE RISKS No matter where you live, your region may be susceptible to one or more emergency situations or weather hazards, including: e ...

Looking for a new place?

Originally posted on: May 30, 2017
Last updated on: May 30, 2017
Filed under: homes for sale real estate
The 5 priciest homes in one of the country’s hottest markets by Justin da Rosa, 29 May 2017 ...

B.O.C. Interest Rate announcement.

Originally posted on: May 24, 2017
Last updated on: May 24, 2017
Filed under: bank of canada interest rates
Bank of Canada makes interest rate announcement by The Canadian Press. 24 May 2017 ...

Why Homebuyers should work with an Agent

Originally posted on: May 18, 2017
Last updated on: May 18, 2017
Filed under: home buyers working with an agent
5 REASONS MOST HOMEBUYERS CHOOSE TO WORK WITH AN AGENT In most cases, your home is your most valuable asset, and it makes sense to ...


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-905-995-0460
Powered by Lone Wolf Real Estate Technologies (CMS6)