Toronto Area Home prices keep increasing like temperatures in global warming, with no “cooling-off” in sight. Price increases make sellers feel great, but they are forcing home buyers to look for deals further and further out of the city core – new Toronto Real Estate Board (TREB) housing stats show that January 2015 to January 2016 home price index (HPI) has increased the most the further out you go of The City. This is especially true for singles, semis and townhouses, where there has been a persistent lack of inventory. Just look at this chart:
Plus, a recent survey conducted by Ipsos Canada finds that 12% of GTA households are seriously considering the purchase of a home in 2016, because they continue to see home ownership as an affordable long-term investment.
So, buckle in for another year of bidding wars and rising home prices...
All of this plus the 2016 Market Outlook, Homeowners & Homebuyer Surveys are covered in the 73-page report – just published by TREB. Another central aspect of this groundbreaking report examines the growth, continuity, livability and housing affordability of the GTA and the greater Golden Horseshoe region. TREB reached out to government leaders and other stakeholders from across the region to determine what needs to be improved to retain the region's competitive position on the world stage. PDF format to download your copy.