Real Estate in the News

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This week’s top real estate news in Ontario and how your real estate business could be affected.

Toronto house sells for more than $1M over asking amid record year for home sales
The split-level home, located at 19 Talwood Dr. in the Lawrence Avenue East and Don Mills Road area, sold by Ecko Jay Realty Ltd Brokerage on Nov. 10 for $2,658,000 after being listed at a price of $1,488,800.

Toronto home sales set record in 2016 as purchases surge 11.8%
Toronto’s housing market just capped off a second straight record year of sales. Total purchases across the Greater Toronto Area rose 11.8 percent to 113,133 in 2016, with the dollar value of those transactions hitting $82,578,210,100. The average selling price across the GTA rose 20 percent in December on a year-over-year basis to $730,472 amid a dearth of inventory as total active listings plunged 48.1 percent.

Millennials flocking to Hamilton
According to a 2016 study by the Social Planning and Research Council of Hamilton, there are now more millennials than baby boomers living in Hamilton, with millennials making up 27.58% of the city’s population — which is above the provincial average of 26.84%. It’s a shift that’s been happening in the past few years, with the city’s millennial population – people aged 20 to 34 – increasing 9.9% between 2011 and 2015, according to Statistics Canada. In comparison, Toronto has only seen an increase of 5.85%.

Desire for detached homes growing in Ontario, new research from OREA shows
In Toronto, where the supply of detached homes is at an all-time low, the demand is up 21 points from a year ago, with 50 percent of buyers saying they are likely to buy this housing type, according to the Ontario Home Ownership Index, OREA’s semi-annual consumer study conducted by Ipsos Reid.

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