The Toronto Real Estate Board is expecting another year of double-digit price increases and a similar number of property sales to those last year.
It says the average price for all types of housing is expected to rise to about $825,000 _ up from $730,472 in December and $729,922 for the 2016 calendar year.
The board says the highest year-over-year price increases will be for low-rise types of housing such as detached, semi-detached and townhouses.
It estimates there will be between 104,500 and 115,500 home sales this year through its MLS system _ more or less similar to the 113,133 recorded last year, despite a shortage of property listings.
The group is repeating its call for the private, public and not-for-profit sectors to seek solutions to increase the supply of properties for sale in the Toronto region rather than attempting to reduce demand from would-be buyers.
The board says the active listings at the end of December in the Greater Toronto Area were at their lowest level since before 2000.
“It is unlikely that the shortage of listings will improve to any great degree over the course of the next year,” Jason Mercer, the board’s director of market analysis, said in a statement Tuesday. “This will put a ceiling on sales growth.”
Buyers should get pre-approved and start working with a realtor they are comfortable with, knowledgeable in handling multiple offers and honest with their clients. This market will not allow buyers to sit on the fence if they want to get their dream home.