Greater Toronto Area Report December 2017, Steve Moran, Remax

The Toronto area home prices ended 2017 with a gain of less than 1 per cent from a year earlier, wrapping up a tumultuous year marked by an early boom followed by a sharp correction.

The average price for all housing types in December was $735,021, up from $730,124 in December, 2016.

It is interesting to note that home price growth in the second half of 2017 differed substantially depending on market segment. The detached market segment - the most expensive on average - experienced the slowest pace of price growth as many buyers looked to less expensive options.

 Conversely, the condo segment experienced double-digit price growth.

Much of the sales volatility in 2017 was brought about by government policy intervention. The foreign buyer tax introduced in April had a psychological impact on the marketplace, even though foreign home buying wasn't a major driver of sales in Toronto.

Looking forward, government policy could influence consumer behavior in 2018, as changes to mortgage lending guidelines come into effect.

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