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Toronto real estate heading for another hot year: TREB

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31 Jan 2017 18:56 #334119 by chairman
Toronto real estate will get a lot more expensive in 2017, according to the Toronto Real Estate Board, which is forecasting the average price of a home to climb over $800,000 this year.

The board is predicting another year of double digit growth in Toronto real estate prices, with the average selling price rising between 10 and 16 per cent.

More than 100,000 home sales are forecast for the third straight year.
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31 Jan 2017 18:56 #334120 by chairman
The average sale price for a Toronto home is predicted to hit $825,000, according to TREB's market year in review and outlook report 2017, to be released Tuesday afternoon.
While the board predicts that some buyers will be hindered by new federal mortgage rules that limit their borrowing power, it says the biggest roadblock will be lack of inventory.
According to TREB data, active listings at the end of 2016 were at their lowest point since 2000.
"It's unlikely that the shortage of listings will improve to any great degree over the course of the year," Jason Mercer, TREB director of Market Analysis, said in a statement.
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