Thus far, 2015 has been a year of new highs for the GTA real estate market. The average sale price of an existing detached house in the City of Toronto rose to just over $1 million in February and has remained a seven-figure number ever since. As far as activity is concerned, it’s also been an extra busy spring with monthly sales records broken in April, May and June.
Over the first half of the year, the average sale price for a GTA home was $624,938, according to data released Tuesday by the Toronto Real Estate Board (TREB). In the City of Toronto, the year-to-date average was slightly higher at $673,661.
But there’s a huge difference in sale prices depending on the TREB district. The least expensive area to buy a home is in North Etobicoke. The W10 district, home to neighbourhoods such as Rexdale, The Elms and Mount Olive-Silverstone-Jamestown, saw 496 sales in the first six months of the year, with an average price of $373,049. Among the 35 TREB districts, it was the only one that saw an average below $400,000.
On the opposite side of the price spectrum, the C12 district saw the priciest year-to-date average. There were 258 sales among neighbourhoods such as Hoggs Hollow, the Bridle Path and St. Andrew-Windfields, with an average sale price of $2,142,753.
Though there was only one region that had an average above $2 million, there were four other districts that measured an average sale price above $1 million All of these districts were in the central region with access to the Yonge-University subway line. It’s a direct contrast to North Etobicoke and E09 in central Scarborough, where the average was $412,021. Out of the 35 districts, only seven had an average below half a million dollars.
Want to see how your part of the city compares? Take a look at our interactive map: