Leftbank condos for sale. House prices in Toronto, Canada are going up? The latest report released by the Toronto Real Estate Bureau shows that the average house price in the Greater Toronto area rose 20% in December 2016 from December 2015 to $730472.Please Visit: Leftbank condos for sale to Get Your VVIP Registration Today!
Despite the tight supply in the market, sales of all homes were 5338 in December, an increase of 8.6 per cent over December 2015.
“the relatively strong regional economy, low unemployment and extremely low loan costs have supported strong demand in the housing market in the Greater Toronto area,” Larry Cerqua, chairman of the property Bureau, said in a statement on Thursday.
Another factor contributing to the rise in house prices is the more limited number of listed houses. Jason Mercer, director of market analysis at the real estate bureau, pointed out that the number of newly listed houses fell by nearly 4 per cent in 2016. Supply in December was the lowest in nearly 15 years.
Mercer pointed out that the government’s policy changes have been focused on high market demand, but “what we really need is more policies to address the problem of insufficient housing supply.”
In response to rising house prices and housing affordability, the city of Toronto is considering raising the land transfer tax. According to the average house price plan, buyers will have to pay an extra $11000 in existing land rent at the time of delivery, an increase of 7%.
The median price of a detached house in Toronto in December was $977000, with an average price of $1286605.
Independent houses in York rose 27.5% a year, the highest overall increase in the Durham district.
In most regions and subregions, the MLS HPI house price index showed the highest increase in independent houses in York, rising 27.46% in December 2016, and the prices of all houses in York increased by 25.24%.
This was followed by independent houses in the Durham district, which rose 26.25 per cent, but all houses had the highest increase of 26.43 per cent.
Detached houses in Orangeville rose 25.5 per cent, while all houses rose 25.09 per cent.
Detached houses in South Simcoe County rose 25.05 per cent, while all houses rose 24.44 per cent.
Independent houses in Pierre District rose 22.49%, and all houses rose 22.12%.
Independent houses in the Halton district rose 21.14%, and all houses rose 20.95%.
Toronto had the lowest increase in GTA, with detached houses up 20.22% and all types of houses up 17.55%.
In the Chinese-populated York district, the highest median prices for detached houses in December 2016 were Richmond Hill ($1.36 million), King City ($1.345 million), Wanjin ($1.335 million) and Wang City ($1.108 million).
The highest average transaction prices of independent houses are Richmond Hill ($1848876), King ($1537538), Wanjin ($1418252), Aurora ($1318470), Wangshi ($1268,264) and Whitchurch-Stouffville ($1104488).