Greater Toronto Area
Ontario
AVERAGE
RESIDENTIAL
SALE PRICE
(Q1, Year-Over-Year)
$675,492 $873,631
2016 2017
29%
SELLER’S
MARKET
FIRST-TIME
BUYERS CONDO
MARKET LUXURY
HOMES
Typical first-time
buyer: Driving demand
for condos: Driving demand
for luxury homes:
Young Families
& Young Couples Single Millennial Buyers
& Young Couples Move-Up Buyers
& Foreign Buyers
Typical price range
first-time buyers
enter the market: Year-over-year average
condo price change: Typical price range
for luxury homes:
$600 , 000 $3 , 000 , 000
$1 , 000 , 000 $6 , 000 , 000
TO
Townhomes Detached Condos
Single-Family
Homes
Typical property type
purchased by
first-time buyers:
TO
2016 2017
Percentage change: 26%
* Source: Historical values are sourced from CREA or Local Board statistics. Estimates and
forecasts are based on the opinion of independent RE/MAX broker/owners and affiliates.
High demand and limited inventory
resulted in significant price
appreciation across the GTA during
the first quarter of 2017. Supply
increased in the last few weeks of
March, as more sellers, particularly
downsizers, chose to list their homes
and move outside the GTA looking
for better value. Recently announced
government regulation changes to
slow rising prices across the GTA
are expected to have a short-term
impact as buyers adjust; these
regulations are not anticipated to
affect demand in the long-term.
Demand is expected to remain high
throughout 2017 and it’s common
for young, first-time buyers to
receive financial assistance from their
parents. Move-up buyers looking
for the convenience of urban living
continue to drive overall demand.
UNITS SOLD
22,575 25,239
Top luxury
neighbourhoods:
Yorkville
Rosedale
North Toronto
(Along Bayview Corridor)
2016
2017
12%
Properties sold between
January and March compared
with the same period in 2016
2017 SPRING MARKET TRENDS REPORT