Toronto Real Property Trends 2017 Real Estate Overview: The number of new listings for the Greater Toronto Area in 2017 was 3,926,000.
The average price for a detached home in the Greater GTA dropped 1.1% from a year earlier, to $1,569,800.
Real estate sales decreased 0.6% in Toronto, while condo sales rose 1.6%.
The median price for all properties in the GTA fell 1.7% from the year before.
Toronto real estate agents are calling 2017 a record year for home sales, but the real estate market is now in flux.
In 2017, the number of listings for Toronto properties declined 1.3% compared to the previous year.
This is the third year in a row that the number has declined in Toronto.
The number for 2017 was the lowest number since 2008.
The real estate industry is in flux as the market is shifting from the peak of the financial crisis to the recovery from that crisis.
Sales and rental vacancy rates are on the rise, as demand from international buyers and expatriates pushes prices higher.
Sales of condos have been rising over the last year, while sales of single family homes have been flat or declining.
The Toronto Realty Board reported the number one indicator for sales and rental vacancies in Toronto was occupancy, which shows a proportion of the units being occupied.
The Realty Institute reported the occupancy rate of Toronto condos in 2017 at 66.7%.
That is the highest level since the mid-2000s.
The occupancy rate in Toronto’s downtown neighbourhoods was the highest since 2006.
The city is experiencing a resurgence of activity, with many new listings in the core.
A new neighbourhood on the Bloor-Danforth subway line, called St. Paul and the surrounding area, has seen over 1,200 new listings.
The condo vacancy rate is about 5.3%, the highest in Canada, while the average price is $1.2 million.
The market is showing a number of positive signs as the economy continues to recover from the financial downturn, and as foreign investors continue to flock to the area.
The median sale price of a new home in Toronto in 2017 rose 4.3%.
A new home sold for $1 million or more in June, which is a 10.4% increase over the same month in 2016.
The housing market is expected to continue to improve in the coming months.