Photo: James Bombales
Plenty of stats were thrown around this year, as industry watchers scrambled to understand the rollercoaster that was the GTA housing market in 2017.
Record-high prices and sales in the first quarter of the year were followed by a dramatic cooling over the summer months, after the implementation of the province’s Fair Housing Plan.
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While daily market coverage included plenty of notable stats, some stood out more than others. These were the 7 most shocking Toronto housing market stats of 2017.
1. In January, the average price of a detached home in the GTA reached an all-time high of $1,316,325 — a decade before it was only $444,368.
2. In February, there were a mere 534 new detached homes in builder inventories in the GTA, a record-low level of supply that had industry watchers worried about where prices might head next.
3. In February, GTA listings were down 50 per cent year-over-year, as demand surged to record levels. “The upshot is that the largest housing markets that have been responsible for the biggest house price gains over the past two years are now approaching a potentially dangerous tipping point,” wrote Capital Economics senior economist for Canada David Madani at the time.
4. Sales jumped 15.2 per cent year-over-year in March to 12,077, while the average price of a home shot up a dizzying 33.2 per cent to $916,567.
5. As the buying frenzy reached a peak in March, GTA homebuyers bought a whopping $11,069,381,891 worth of property.
6. That same month, an average GTA home stayed on the market for only 10 days.
7. After a summer that saw the market cool dramatically, in August eight GTA municipalities saw detached home prices collapse by 20 per cent from April, when the Fair Housing Plan was announced.