WOW, what a roller coaster year!!!
January through April sales were off the charts and then the Government Of Ontario stepped in with a cold shower of rule changes. Although recent statistical analysis of GTA sales show that foreign sales don’t amount to even 5% of the total, the market momentum was lost (thankfully) and common sense and prudence took over.
While activity in York Region dropped off dramatically, sales in Toronto’s central core for houses and condominiums still kept busy although not at the extreme pace they were at in the first four months.
One of the biggest beneficiaries of big price increases for all types of houses was the condo market. More and more singles and families are choosing the downtown condo lifestyle and why not? They’re close to work, public transit and lots of nighttime activities and they’re more affordable.
We ended the year with 92,394 total sales… a BIG drop from 113,000 in 2016 and 5th place in sales numbers since 2012.
Do you think you might sell your Toronto condo or house this year? I can do a quick market value update for your Toronto condo…
Just go to DowntownTorontoCondoValues.com.
If you’re a Toronto / GTA house owner, just send me a text or email with your property address and I’ll do the research for you right away.
Enjoy this month’s December Market Report and please keep us in mind when any of your friends are talking real estate in Toronto.