GTA Real Estate Prices Forecasted to Rise in 2017

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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 mortgage criteria now is not going to have a major impact on first-time buyers or any other segments, but we anticipate further measures by the government to tighten lending requirements,” said Forbes.
Greatest price growth is expected to be seen in the Durham Region where “move-on buyers” from Toronto are looking for more affordability on a larger home. Following that Oakville is predicted to climb another 5 per cent in 2017. It does not appear buying a home in the Toronto region will get any easier in 2017.  

Taken from an article in the Toronto Star by Tess Kalinowski, https://www.thestar.com/business/2016/12/08/gta-real-estate-forecast-sees-prices-rise-in-2017.html

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