After a record-setting 2015 the real estate industry anticipated a slow-down in sales. That never materialized, and 2016 was another record year in Toronto real estate. With 113,133 listings sold on MLS the sales were up by 11.8%. Average price of all property types increased by 17.3%, from $622,217 to $729,922.
Prospective buyers had a difficult time finding a home that would meet their needs, and getting their offers accepted. A shortage of available listings contributed to fierce competition among buyers, and caused bidding wars. In many instances listings would come up with an artificially discounted asking price, only to sell for hundred of thousands more.
On a yearly basis in the GTA (Greater Toronto Area) an average price of a detached house was $974,698; semi-detached homes sold for an average of $673,738; townhouses (row houses) for $621,601; condo townhouses for $476,824; and condo apartments for $416,252. Detached houses constituted 47.5% of all sales, but the largest increase in the number of sales was in the high rise category.
In the City of Toronto average price for a detached home in December was $1,286,605, semi-detached houses sold at an average of $808,920, average townhouse price was $662,959, and an average price of a condo apartment was $466,592.
Year-over-year price change in December in the City of Toronto was 23.7% for a detached house, 8.4% for a semi, 23.5% for a townhouse, and 16.6% for a condo. Comparing to December 2015, 7.6% fewer detached houses, 11.5% fewer semis, and 19.6% fewer townhouses were sold in the City. The only category that reported an increase in sales on a year-over-year basis was condo apartments - 19.5% more units changed hands in December.
In the City of Toronto, comparing with 2015, 9.4 fewer properties of all types were listed for sale, the average sold to list price ratio was 103% (while in 2015 it was 101%), and listings took, on average, 19 days to sell, 4 days less than the previous year.
Out of 18,323 freehold listings sold in the City of Toronto in 2016, 1,550 were sold for full price, 10,946 sold over asking and only 5,821 sold below asking. The lowest, 61%, was paid for a 'to be built' house on a large lot located near Dufferin and highway 401. The asking price of $1,900,000 was obviously considerably more than the market would bear for this type of property. The highest, 192%, was paid for a backsplit on Donalda Club area, listed with an asking price of $1,088,000 and sold for $2,090,000 (or just over a million more).
24,495 condominium units (townhouses, apartments), co-ops and co-ownerships were sold in 2016 in the City of Toronto. 4,068 received full asking price, 5,166 were sold over asking, and 15,260 sold below asking. The lowest, 68%, was paid for a renovated condo apartment at Jane and Steeles. The highest, 155%, was paid for a condominium unit in Granite Place (Yonge and St. Clair).