Prices Out of Control in Toronto's Hottest Real Estate Markets
Tuesday Aug 25th, 2020
The Greater Toronto Area neighbourhoods that saw the greatest price growth so far this year had a detached housing average value of $2.9 million, according to RE/MAX.
In its recent analysis, RE/MAX said that the localities of Annex, Yonge-St. Clair, Casa Loma, and Wychwood had a 25.7% annual increase in detached housing prices during the first half of the year.
“The areas of Yonge-St. Clair and Wychwood were recognized as being two of the top neighbourhoods to buy real estate in 2020 due to their value and the momentum of price growth,” Toronto Storeys said in its report on the RE/MAX study.
The next strongest year-over-year price growth was 18.4%, seen in the Birchcliffe-Cliffside and Oakridge areas (average prices up to around $1.1 million), as well as the High Park, Roncesvalles, Swansea, and South Parkdale areas (up to around $2.1 million).
The findings supported observations that the COVID-19 pandemic had only a relatively minute impact on activity and price growth in one of Canada’s hottest housing markets.
Data from the Toronto Regional Real Estate Board indicated that the average home sales price in the GTA went up by 16.9% annually in July to reach $943,710. The most significant growth was observed in the low-rise housing segment, especially within the City of Toronto.
“Competition between buyers continued to increase in many segments of the GTA ownership housing market in July, which fueled a further acceleration in year-over-year price growth in July compared to June,” said Jason Mercer, chief market analyst at TRREB.
Sales activity also intensified by 29.5% compared to July 2019, for a total of 11,081 residential transactions across the GTA.
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by Ephraim Vecina