Throughout the past year, we’ve seen a number of changes in Toronto’s real estate market. Most significant was arguably the changes in consumer sentiments that were brought about by The Fair Housing Plan. Couple that with the higher lending rates and the recent changes in Canada’s lending rules, it’s no wonder we’ve had a bit of a volatile year.
2017 however, still finished strong. As we’ve reported over the last few months, sales began to pickup in Q4 after a short period of slowdown that followed the announcement of The Fair Housing Plan. In December there were a reported 92,394 sales, of course this is still down from 2016’s record year by 18.3%. On a year-over-year basis however, the average sale price is up 0.7%, while the condo market segment is still holding strong, up 14.4% and is expected to maintain a healthy rate of growth through 2018.