RE/MAX Spring Market Trends Report for the GTA
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. These buyers, known as move-over buyers, are looking for greater affordability in markets across southern Ontario. In turn, they are driving price appreciation in Mississauga, Brampton, Durham, Barrie, Hamilton-Burlington, Windsor, and as far away as Kingston. The GTA saw the average residential sale price rise by 29%, up from $675,492 in the first quarter of 2016 to $873,631 during the same period in 2017.
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.