THE HOUSING MARKET IN THE GREATER TORONTO AREA CONTINUED TO SEE SIGNIFICANT ACTIVITY IN 2016.
The average residential sale price in the GTA rose 17 per cent to $725,857, up from $622,217 in 2015. Move-up buyers continue to drive demand in the market for single-family detached homes valued up to $1.5 million in Toronto and $1 million in the surrounding GTA and this trend is expected to continue into 2017. The foreign-buyer tax in Vancouver shifted some foreign investors’ attention to the Toronto market in the second half of 2016. It is anticipated that foreign-buyers will continue to be more active in the GTA in 2017.
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