Toronto Home Prices Soar Again
The Toronto Real Estate Board has released their November 2016 MLS sales report which includes home prices in the Greater Toronto market. Sales are up 16.5% from last November, and home prices rose by 22.7% YoY. It’s a scary time for investors, and perhaps a tougher time for millennial aged couples trying to buy their first home.
The TREB November market update shows Home prices in Mississauga were also up 20.8% overall. While most eyes are glued to the price of detached homes in Toronto, the sales of apartment condos continue an even more torrid pace, up 27.9% in sales volume, perhaps revealing a continuing strong condo apartment rental investment market similar to the one burning up San Franscisco and the Bay Area of California. Not surprisingly, Richmond Hill, Newmarket, and Aurora leads the GTA price rise parade. These 3 top performers had detached home price rises near or above 30% YoY. Richmond Hill home prices hit an astonishing $1.3 Million. Brampton lead the way with a 25% price growth for townhouses.
Mississauga Real Estate Brokers
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Real Estate Investors
Investors from Germany, China and Persia may find the market perfect for rental income investment. Buyers within Canada are finding the market too far out of reach. The extreme prices could make it more likely local and the provincial government may attempt to intervene without addressing the issues of lack of available land. The places to grow legislation and the OMB will be put under more intense scrutiny.
“Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller’s market conditions translated into robust rates of price growth,” said Mr. Cerqua Toronto Real Estate Board President.
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