The numbers are in and they are GREAT! 2016 was the second consecutive record year for home sales. There were a reported 113,133 sales by GTA realtors in 2016. That is an overall increase of 11.8% compared to 2015. The month of December finished the year strong with an 8.6% increase in total sales (5,338).
The region’s population continued to grow as the demand for housing remained high. Coupled with a strong regional economy, low unemployment and very low borrowing costs we witnessed a very active real estate market. The demand in housing saw the overall average selling price for the GTA increase to $729,922 – up 17.3% compared to 2015. More specifically, Markham, Unionville, Stouffville and surrounding areas saw a massive 23.25% increase in the average price. This price growth can be attributed to the supply of listings remaining very constrained and due to active listings being at their lowest point in a decade-and-a-half. Total new listings were down by almost 4% heightening the demand for real estate in the GTA.
WHAT DOES THIS ALL MEAN?
Markham, Unionville, Stouffville and surrounding areas will be in high demand and we are expecting inventory levels to remain low. With this being the case we will see further upward pressure on pricing throughout the spring market. In 2016 we saw policy changes being implemented to slow down the pace in which prices were rising. These policy changes however, will have little effect on the market. With the busy spring market ahead of us, we can expect business as usual with an active and intense market place