Rebalanced Canadian Economy Supports Healthy Real Estate Markets Across the Country
October 14, 2015
Royal LePage has released its Canadian House Price Survey for the third quarter of 2015, including a breakdown of Toronto Real Estate. Below are the highlights of the report, plus a link to more information. It’s an interesting read because when you live in Toronto, it’s easy to focus on what’s happening in our city, but check out what’s happening in other cities (and why we should consider ourselves fortunate that we live here!).
For example, condo prices in Ottawa dropped 6.8%, while the aggregate home price increase in Central Vancouver is up 15.6% year over year.
Greater Toronto Area (GTA) home prices saw an aggregate year-over-year increase of 11.3 per cent across housing types surveyed, to a price of $612,261, while the price of a home in the City of Toronto climbed 11.2 per cent to $639,970. In a few cases, house prices in Toronto’s suburbs are outpacing those in central parts of the city. During the quarter, the median price of a standard two-storey home in Richmond Hill and Vaughan increased 18.6 per cent year-over-year to $963,561 and 18.0 per cent to $842,173, respectively, while the price in Toronto rose 17.1 per cent to $961,656.
“As homes in legacy central Toronto neighbourhoods move increasingly out of reach, we are observing that the more affordable areas in Southern Ontario, including the GTA suburbs, are experiencing substantial price appreciation and heightened sales activity levels,” said Phil Soper, chief executive officer, Royal LePage.
The Greater Toronto Area (GTA) saw price increases in some suburbs outpace the Toronto core with the aggregate price of a home in the GTA rising 11.3 per cent over the year prior to $612,261. Meanwhile, the Toronto core saw a similar increase of 11.2 per cent to $639,970 in the same period.
Click here for the full report