York, Toronto and Peel lead the GTA
We’ve been focusing for a few years on the remarkable price increases of homes in the 905. The reasons were clear: buyers were finding a greater supply of low-rise homes, within commuting distance and at lower prices. In general, the percentage price increases have been greater outside the City of Toronto. It makes perfect sense, since buyers can get more house for their money, when they travel further afield.
The chart above shows weekly average price movements during the first half of 2017. York Region kept its top position in this chart, and at the midpoint of 2017 the York prices are up almost 14% over the past six months. Toronto and Peel region have shown similar gains over this period. Meanwhile, average prices in Halton and Durham regions (which peaked dramatically during the spring) are now back at their January levels.
Beyond the GTA
Cities like Hamilton, Guelph, and Barrie have been getting more attention this year, from Toronto millennials looking for affordable urban settings. As agents, we’ve gotten used to checking the GO schedules along the various train corridors, and the EQAO scores for schools in far-flung school districts, as part of our daily routines. It’s increasingly clear that the Toronto megacity is evolving into a regional cluster of communities.
Demographics tells the key story here. Millennials were called the “Baby-Boom Echo” generation. Economists were fascinated as this group delayed car purchases, household formations, and home buying plans. It’s becoming clear that this generation is finally asserting its priorities. Millennials may not do things like their predecessors, but they will figure out how to manage housing, transportation, and kids – in their own ways.
Advice from baby boomers?
In a rapidly changing market, you need smart, timely advice, whether you’re a buyer or a seller. As experienced baby-boomer agents, we’re pretty smart about this stuff.
We relish challenges, we like to share, and we’re available to help… You can email us, or ask for James and Joanne at 416-483-8000.