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The Force is Strong in Toronto's Real Estate Market: 2015 in Review



Nope, that’s not frost quakes or the Millennium Falcon hitting light speed, it’s Toronto’s real estate market breaking records!! December 2015 ended as the second best on record for theToronto & GTA real estate markets, and was the cherry on top of the best ever year for real estate sales!


In the City the average price for a home is now $659,270 an 8% jump over 2014 (the number you might hear in the media is $622K, which is the average price for the GTA & not Toronto specific), and sales for the year were 7% higher.


With all this record breaking, it’s not surprising that the average price for a detached home broke the $1M mark and sits at $1,047,483. The average price for other housing types were: Semi - $736,082; Townhomes - $542,406; and Condos $405,589.


Especially in the core, condos are now the primary first time buyer and investor option, so no surprise to see the average price break the $400,000 mark and show a 5% increase over last year!


(For a historic look at average prices for the Toronto Real Estate Board check out the graph below).



As affordability has increasingly become an issue for people looking to purchase a freehold home in the City, it’s helped to propel price increases and demand into the GTA commuter communities as people seek out more affordable housing options.


Those looking for a home in the $300,000 to $600,000 price range represented the biggest group of Toronto and GTA buyers in 2015 and accounted for 48% of 2015 sales. Those shopping in the $600,000 - $900,000 range represented about 25% of sales and for buyers in the over $1M price category, this was about 11% of all sales.


So now the question remains, what does 2016 hold in store for our real estate market? Check back in for my thoughts and a review of some prevailing opinions…coming soon.



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