The average house price has reached “new highs” in a third of GTA cities.
Using the latest data from the Toronto Regional Real Estate Board (TRREB) for August, Zoocasa reviewed average detached house price trends in 33 GTA municipalities.
In total, 18 municipalities across the GTA noted average home prices above the million dollar mark in August, compared to 12 regions this time last year — these municipalities were concentrated in the City of Toronto, Durham Region, Halton Region, Peel Region and York Region.
While Toronto’s average home price of $1,505,100 in August, well above one million, it was $73,442 or 5% lower than the peak price in April 2017.
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Toronto East was the only region in the City of Toronto that saw prices stay flat since their July 2020 peak.
The average detached home price in the area this August was $1,118,506— or $3,559 lower than last month.
“August marked the area’s third highest average detached home price on record,” the report added.
But there were 12 GTA municipalities that saw “record-breaking” average home prices.
“There was a significant rise in average detached home prices across several Toronto regions, with a number of cities hitting their peak average detached price, or close to it, last month,” the report states.
The average home prices with Durham Region, $813,740, and Halton Region, $1,283,651, reached their peak in August.
Peel Region followed, with the average detached home prices at $1,112,634 – “just $2,195 shy of the peak which was last month.”
While the Peel region did not reach a new average price high, both Brampton – $989,039 – and Mississauga – $1,307,832 – noted their highest average home price on record for detached properties.
In Durham Region, five of eight municipalities saw detached house prices reach their highest levels. And every municipality in Halton Region saw an average detached home price “at or near its peak” in August.
However, not a single York Region municipality saw average home prices hit close to a peak in August.
According to Zoocasa, with low borrowing costs and improving economic conditions, GTA buyers went back into the market with differing housing priorities.
“With more people spending the majority of their time at home over the past few months, some buyers are now seeking out larger properties with backyards or better access to green space, resulting in a shift in housing demand to municipalities where this format of low-rise housing is typically more accessible and available,” the report states,
With these results, the pandemic could shift the market from concentrated urban centres to outside of the city. If it means acquiring a larger property, then Durham or Halton may offer more attractive options than the City of Toronto.