On January 18th, 2016, the Toronto Real Estate Board released the inaugral "Market Year in Review & Outlook Report" with some very interesting housing data and commentary on the current market and where it is going in 2016.
In this report you can find a very helpful overview of the 2015 real estate market in the GTA, as well as some commentary on what to expect in 2016.
As a real estate professional, I would also like to give my breif input and opinion on the data collected in this report.
2015: A Record Year for Home Sales
I can certianly attest to this! With multiple offers on majority of the low-rise homes and even some condominium apartments, it was evident that the market was booming. The Treb market watch reports which can be found here confirm the increase in the number of sales over the year as well as the rise in sale prices. The competition for homes/units in Toronto seemed to reach a peak, with seeminly more first-time home buyers entering the market this past year and competition between buyers leading to sale prices well above list prices in many cases.
2016: Home Sales will Remain Strong
I agree that there will be a spillover of eager home buyers that weren't able to secure a purchase in 2015. From our experience, working daily with home buyers and sellers, we can see that the market conditions remain tight with home buyers outnumbering sellers especially in the low-rise market.
New Home Construction
No suprise that the trend in new construction is towards high-rise condos in the city core. Several new projects introduced this past year for pre-construction units going up all over the city that cater towards singles, couples and small families and offer an alternative style of living to low-rise homes which have become unattaintable for many.