Two things that stand out…
There are two interesting facts buried in the latest Toronto home sale figures: First, the majority of houses in these figures are outside the City of Toronto. Second, the price increases throughout the 905 region are actually steeper than those in the City.
Price increases highest in York Region
Our real estate board’s composite price index for the City of Toronto is up 6.58% (year over year) for June 2015. Peel Region is up 8.62% and Halton Region is up 8.99%. Higher still, Durham Region is up 12.35%, and York Region is up 12.83%. Even when you isolate the figures for detached houses only, the price increase for the City is still lower than those for the surrounding regions.
Most houses are in the suburbs
About two thirds of the low-rise family homes sold in the GTA this year are in the 905 area. This proportion is reversed for high-rise condos: about two thirds of the apartments sold are in the City of Toronto (but the proportion of condos in the 905 has been increasing.)
Demand is regional
These statistics show that the demand for housing is not limited to the trendy downtown areas; it affects the entire GTA. Reports from cities including Hamilton and Kitchener-Waterloo suggest that increased demand for housing is being felt in those centres also.
Toronto is a global city
Thanks primarily to immigration, Toronto and the GTA are known in every part of the world. Our quality of life is a magnet that will underpin the region’s growth for years to come.
Every home is unique
The value of your home is intensely local. A small semi on a downtown street may well be worth as much as a five-bedroom detached with a pool further out in the GTA. Houses on one block are often worth more than the ones on the next street over, because of real or perceived differences in location or style. Buyers make decisions based on their needs and wishes.
The right time to sell
The numbers point to a continuing sellers’ market. Do you know someone who may be ready to sell their home this year? We’d like to hear from you. With our expert marketing, that home will get sold quickly and for the highest price! You can email us, or call James and Joanne at 416-483-8000.