Condo development still soaring in Toronto

Toronto, ON

Recent changes to Federal mortgage lending guidelines and the capital gains tax exemption rule may impact the housing market in the Greater Toronto Area, but so far they have yet to have a major influence. Condominium development continues at a torrid pace in Toronto with many projects on the horizon. For many first-time buyers these condos will represent an affordable entry point into the market. Year over year the average median sale price in Toronto rose 13% to $764,872 in September 2016 from $674,922 in September 2015. During this same time period the number of homes sold increased by 14% to 3,599 vs. 3,137–this despite there being less inventory on the market (5,710 vs. 6,816). Naturally the increased sales activity had an impact on the average days on market which dropped to 18 days in September 2016 from 23 days in September 2015.