GTA dominates staggering house price increase in June

Jul 16 2020, 9:44 am

Home sales and new listings rebounded to normal levels across Canada in June, with the GTA housing markets dominating the space.

A recent report from Zoocasa, looked at how the pandemic affected 28 Ontario markets, based on monthly statistics released by the the Canadian Real Estate Association (CREA).

In nine of the 28 markets, the average home price grew over $100,000 annually, with the GTA taking many of the top spots.

In the ninth spot is Toronto with a growth of $106,657 in June, compared to last year.

This is almost double the national average home price which rose 6.5% year-over-year to almost $539,000 last month.

Oakville topped the list, with the annual average home price increasing by a staggering  $177,550 or 17% since last year.

Markham followed close behind – the annual average home price grew $171,726 year-0ver-year, by 19%.

In total, five York Region markets posted not just six-figure annual average price growth, but double digit rates of annual average price growth as well.

In addition to Markham, the average home price increased by $149,010 or 16% in Aurora.

Vaughan saw an increase of $136,466 or 13% and Richmond Hill was close behind with $130,514 or 12%.

Newmarket also experience a house price increase by $117,193 or 15%.

According to the report, while the average home price increased substantially in these York region markets, sales in June have yet to catch-up to last year’s levels.

Mississauga, Halton Hills, and the City of Toronto completed the list of regions where average home prices grew in the six figures annually.

Average home prices rose by $140,265 in Mississauga and $111,183 in Halton Hills.

Zoocasa

However, Richmond Hill, Aurora and Mississauga experienced the greatest sales declines year-over-year. This was followed by Vaughan which saw a 13% and Toronto which saw a 12% drop — but the city remained a balanced market for June.

Barrie saw the most annual sales growth at 41%, followed by Sudbury with 27% and Pickering with 24%.

The housing market showed signs of growing “cautious optimism” among buyers and sellers, CREA noted as almost 1 million jobs were added back to the Canadian economy in June.

And, Zoocasa’s report shows that the housing market in the GTA is bouncing back as house prices soar in the region.

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