The Stern Report
2016 was a record setting year for real estate sales in Toronto. The overall average sale price in the GTA was up a whopping 17.3% in 2016 from 2015. This increase was due to the many usual factors; low interest rates, low supply but prices were driven up further by demand from international buyers.
We noticed a significant increase of activity in our neighbourhoods from foreign buyers especially after B.C. Premier Christy Clark introduced a 15 per cent tax on foreign nationals in August 2016 which cooled the housing market in Vancouver driving many foreign buyers to Toronto.
The % of houses sold above list was higher in Hillcrest Village but significantly higher in Cedarvale. The highly rated Cedarvale PS and Leo Baeck Day School in the area is the main driver for this increase.
Average sold price was up in all three areas but significantly higher in Hillcrest Village (25%) reflecting strong demand for houses in the area. The overall average sold price recorded on TREB for all GTA sales was up 17.3%.
Source: Freehold data from TREB MLS 2015, 2016