Toronto home seekers are in for a rough 2017 buying year
Strong demand and extremely low inventory of re-sale houses and condos has to led to intense competition in the Greater Toronto Area’s housing market. Buyers are now facing multiple offer situations and record-setting prices even in the suburban neighbourhoods—areas that, at one time, offered good value.
So, how did all this recent competition translate into price growth and what neighbourhoods saw the largest appreciation? These were just some of the questions Toronto Realtor and Chartered Professional Accountant, Scott Ingram wanted to answer when he analyzed Toronto Real Estate Board data. By examining more than 24,000 sales of detached houses in 2015 and 2016, Ingram created a year-over-year price change by neighbourhood map. The interactive map plots 144 neighbourhoods in the GTA and allows would-be house buyers to glance at:
- Percentage increase in average price year-over-year (“YoY”)
- Average price (for all sales during 2016)
- Dollar increase in average price YoY
- Number of 2016 sold transactions
- Average days on market (“DOM”) for sold transactions
Through his analysis, Ingram found:
- Average Toronto price was $1.252 million; Median neighbourhood price was $970K
- Most expensive area was again C12 Bridle Path-Sunnybrook-York Mills at $4.323 million, up $577K YoY
- Largest dollar increase was C15 Bayview Village, up $734K to $2.442 million
- Central neighbourhoods were home to 32 of the top 35 dollar gainers, including the top 11
- The north and Central areas of the city are the most expensive (11 of the top 12 are Central zones running north of St. Clair)
- The West was home to 8 of the 9 least expensive neighbourhoods, including the least expensive neighbourhood, W4 Mount Dennis (average price of $562K). Opposite to the Central, the north part of the West areas was the cheapest, with all 5 neighbourhoods in W10 (in Rob Ford’s Ward 2) among the 17 least expensive.
To view go to Ingram’s custom Google map.