GTA Real Estate Prices Forecasted to Rise in 2017
Re/Max’s market outlook for the proceeding year anticipates a drop in unit sales numbers, yet an increase in prices. Toronto’s housing prices are expected to increase by another 8 percent in 2017; notably greater than the forecasted 2 per cent national average. Move-up buyers on the hunt for detached houses, which cost about $1.3 million in the GTA and $1 million in surrounding areas, will continue to drive real estate markets in 2017, according to the company’s Outlook Report. The average home price in the Toronto region was $725,857. In accordance to an 8 per cent increase we would see this figure rise to $783,926 next year. Cam Forbes, general manager of Re/Max Realtron Realty, described this year’s market as “extremely tight”. While the industry has experienced growth, the inventory of detached, semi-detached and townhomes reached a historic low. He does not suspect the government will allow this inflation in price level to continue. “Changes they have made to underwriting mor