Toronto Real Estate Board members sold 4,945 homes in December, bringing the 2015 calendar year total to 101,299. This 9.2 % increase over 2014’s 92,782 sales, marked 2015 as the best year in the history of the Board. The average selling price for 2015 as a whole was $622,217 – up 9.8 % compared to $566,624 in 2014.
City of Toronto Average price $659,270
Aurora Average price $746,715
King Average price $1,006,701
Markham Average price $803,357
Newmarket Average price $618,498
Richmond Hill Average price $886,773
Vaughan Average price $797,377
Stouffville Average price $789,730
Pickering Average price $530,413
Whitby Average price $488,304
The outlook for 2016 appears to be more of the same if not better! We have several factors occurring that will impact the market. First is the weak Canadian dollar. That has two immediate consequences. One, investors from around the world can buy Canadian real estate at 30% off. (Real estate sales in the USA are slowing down as foreign investors are not buying due to the strong US dollar.) Two, American companies are now buying Canadian, whether its goods or holidays or consultants as its 30% cheaper! Secondly, with worldwide humanitarian crises continuing and Canada accepting more refugees, demand for housing will increase tremendously!
All in all, a strong real estate market with increased demand, low interest rates and people who can afford the mortgage payments. A sure fire recipe for increasing prices.
Have you bought your land yet, we are not making any more! If you have questions about how to invest in real estate, give me a call, I would love to help you create a great investment/retirement strategy.
Have a great 2016!
Your Friend in Real Estate