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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





10 October 2019

Real estate prices keep growing in Toronto

The latest report by Royal LePage shows that housing prices in the Greater Toronto Area keep rising, supported by stronger consumer confidence and a mortgage rates drop.

The largest annual prices gain in the GTA was reported in Pickering – here the average home cost was up by 6.5% and reached $737,276. Then follows the City of Toronto with an increase by 6.2% to $926,419.

Overall, home prices in the GTA went up by 3.7% annually to $858,443. The average cost is expected to keep growing and reach $859,301 by the end of 2019.

“People need homes,” - noted Chris Slightham, president of Royal LePage Signature Realty. “We’ve seen a sharp population growth during the previous two years, and people just need to live somewhere”.

In case of condos and apartments, the prices rose by as much as 9.6% in Mississauga and 9.2% in Toronto, followed by 7%, 6.7%, and 6.1% gains in Scarborough, Brampton and Whitby, respectively.

Because of the largest GTA price decline (by 3.3% in Richmond Hill), the average home price in Q3 reached $1.08 million. Markham saw a 1.3% annual prices decrease to $962,040.

According to Slightham, these areas of York Region showed strong foreign buyer and speculative activity with sharp prices growth in 2016 and at the beginning of 2017 before Ontario Liberal government took certain measures, including a foreign buyers tax.

“Higher peaks are followed by lower falls, so it will take some time for these areas to rebound”, - he said, noting the worst is already over.

“The inventory was down significantly during the previous year. The market began to recover, and we’ve seen the lowest prices”, - he added.

 

 

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