Lower inventory and increased demand pushed the average sale price in Port Credit up by 12% to over $950,000 in 2016. Overall, properties in Port Credit where being purchased in almost half the time it took in 2015, and 151 sales where recorded on The Toronto Real Estate Board last year.
The largest average sale price increase was found – not suprisingly – in a small, but increasingly attractive segment of the local market. The recent infill development of new semi-detached homes in the Shawnmarr and Credit Grove neighbourhoods contributed to this property type recording 6 sales and seeing the largest gain in both average and median sale prices in 2016: up almost 25% in the former to $1,232,567, and over 21% in the latter to $1,187,500.
Along with semis, every other residential resale category saw an increase in average sale price and all but one, condo townhouses, saw an increase in median sale price as well. A busy year in the more affordable pocket of Shawnmarr Rd. saw 18 sales contribute to an overall townhouse median sale price decrease of 31% in Port Credit. This adjustment from last year brought the median townhouse sale price to $555,000 in 2016 and the average sale price for this type of property was over $850,000.
The crown jewel of homeownership – a detached home – saw an average sale price increase of 13% to $1,177,536 in 2016.