The Market Year in Review and Homeowners Survey was recently released by the Toronto Real Estate Board. Some highlights include:
It’s expected that there will be between 96,500 and 105,000 homes sold in the Greater Toronto Area during 2016.
The average selling price in 2016 is projected to be between $655,000 and $665,000.
There were over $63 billion dollars changing hands in the real estate market in 2015, with 101,299 sales at an average sales price of $622,217.
Approximately 43 per cent of home sales in 2015 would be affected by the new mortgage rules of February 2016, requiring buyers of homes priced over $500,000 to have a minimum down payment of 10 per cent.
For their down payments, 35.4 per cent of home buyers used savings outside of their RRSP, 25.9 per cent used equity from their current home, 13.9 per cent used a gift from family or friends, 12.7 per cent used savings from their RRSP and 12.1 per cent used other means.
In the city of Toronto, 52 per cent of recent buyers intend to renovate, while in the rest of the GTA that number is 62 per cent. Most home buyers expect to spend under $20,000 on these renovations.