Real estate prices to keep rising in GTA

House prices in the GTA will continue to soar next year, according to RE/MAX realtors. 

The region remained a sellers’ market this year with sales up 8% over 2014.

The average price of a single-family home is $804,079, and high demand and low supply are expected to boost that figure another 5% next year.

Toronto

First-time homebuyers in Toronto typically entered the condo market in 2015, so they could live in the city centre at a more affordable price. The RE/MAX forecast says price increases for single family homes outpaced those in the condo market, making it difficult for condo owners to trade up. Many high-end luxury homes were sold to local move-up buyers as well as buyers from China and the Middle East.

Mississauga

Homes in high-demand neighbourhoods, such as Erin Mills, often fetched multiple offers, which wasn’t the case a few years ago. First-time buyers in Mississauga were typically families leaving Toronto or new immigrants who tend to purchase town homes or semi-detached homes in the range of $500,000. Prices are expected to jump 6% in 2016.

Brampton

Brampton is considered an affordable market for first-time buyers in the GTA, with an average price of $488,300. Many millennials are living with parents or renting as they save and wait for a good deal so they can enter the market. Young buyers tend to favour condos in the growing downtown area, which is close to both Pearson airport and Toronto.

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