A report by real estate firm Altus Group shows strong confidence in the Greater Toronto Area’s residential real estate market. Looking at 2015, Altus highlights a resilience in the housing market with residential land transactions up 49 per cent in the year to a record $4.2 billion with investments in low and high density residential developments each reaching individual records of $1.7 billion.
“Altus Group’s review of the GTA’s commercial and residential real estate markets speaks to a mature market that continues to grow,” commented vice president and chief economist Peter Norman. “While the overall Canadian economy faces headwinds, the GTA economy is picking up steam and this is clearly reflected by the 2015 data on residential land sales, low and high rise new home sales and, of course, in the level of resulting construction.”
Low rise developments saw particular growth with sales up 8 per cent in 2015 while, at the end of the year, the average low rise sale fetched $829,766 up 18 per cent from the same period in 2014. By contrast, the average price for a high rise home in the GTA was $453,083, essentially unchanged from a year earlier.
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