Greater Toronto Area Average Residential Sale Price Up by 14%
Thursday May 12th, 2016
High demand and low inventory for single-family homes continued to be the dominant theme in Toronto’s housing market in the first quarter of the year.
As city planning shifts toward density and away from urban sprawl, the supply of ground-oriented homes is increasingly limited. Current owners are reluctant to sell as they are hesitant to become buyers themselves in a competitive market, and with rising home values, many are holding on for further price appreciation. Move-up buyers, moving either from a condo to a detached home or from a smaller house to a larger one, are the most active market segment.
The most in-demand property types are detached homes priced up to $1.5 million in the 416 area code, and up to $1 million in the 905 area code.
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