TORONTO – The Toronto Real Estate Board is expecting another year of double-digit price increases and a similar number of property sales compared with 2016.
It estimates the average price for all types of housing will rise to about $825,000 – up from $730,472 in December and $729,922 for the 2016 calendar year.
READ MORE: Impact of Toronto-area home prices being felt in wider circle of Ontario cities: CMHC
TREB says that the strongest year-over-year price increases will be low-rise types of housing such as detached, semi-detached and townhouses.
It estimates that there will between 104,500 and 115,500 home sales this year through its MLS system – more or less similar to the 113,133 recorded in 2016, despite a shortage of property listings.
READ MORE: Toronto detached home prices cool off more than they have in 2 years
The group is repeating its call for the private, public and not-for-profit sectors to seek “innovative solutions” to increase the supply of properties for sale in the Toronto region – rather than attempting to reduce demand from would-be buyers..
TREB 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. This will put a ceiling on sales growth,” Jason Mercer, TREB’s director of market analysis, said in a statement.