GTA’s Detached Homes Performance:
Detached Homes in GTA had been flying off the shelf in 2017. The Avg Price increases had begun in mid 2016 in earnest. Till the end of 2015, Avg Price gains over LY were in single digits every month. Beginning till mid 2016, the gains were in double digits every month, but under 15%. Then, came the build up towards the crazy, super-hot sales which were rightfully slowed down by the Government policy changes and mortgage rate increases. Mid to end 2016 Avg Price gains each month were +20% to +27% over LY.
And, then when we saw, more so in prime areas, Detached Homes were selling in 1-3 days, Above Asking Price, with unprecedented demand and diminishing supply, Avg Price gains in February & March 2017, were a whopping +33% over LY. Let’s digest this: Avg Price of all homes in GTA in Feb 2016 was $931K. In Feb 2017, Avg Price of a home in GTA, increased to $1.22M or +$311K more.
Today, Detached Homes Avg Price in GTA is +1.5% or $15K higher than Aug 2017. Considering the sharp increase/s we have seen in our recent past, this is a good and reasonable growth.