Photo: Wikimedia Commons
The detached-home segment of the Greater Toronto Area has taken a hit in the months since Ontario announced its Fair Housing Plan — a sweeping set of 16 measures including a foreign-homebuyer tax — yet two municipalities have seen prices rise in the face of this.
Since April, detached home prices have surged 11 per cent to $984,812 in Halton Hills and climbed 6 per cent to $719,375 throughout Scugog, according to Zoocasa’s analysis of Toronto Real Estate Board data.
This makes them the only municipalities in the GTA where prices didn’t drop over this period ending in August, the real estate listing website says.
A few factors are at play, spokesperson Mark Bernhardt tells BuzzBuzzNews. “First, supply has remained tight in both of these areas, versus the increasing supply across the rest of [the GTA],” he says.
Bernhardt also says the type of housing and time of year are having an impact.
“For Scugog in particular, premium waterfront properties sell in the warmer months — driving the average price points up,” Bernhardt explains.
“For Halton Hills, detached home prices have remained relatively low compared to the rest of the region,” he continues.
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Buyers, he says, have turned to Halton Hills for “value buys,” and this demand has pushed prices higher.
Detached homes are going for considerably less in Halton Hills than they are in the 416, where the average price was $1,191,052 in August, according to TREB.
As per the exercise from Zoocasa, the most dramatic price declines from April to August were observed in Whitchurch-Stouffville.
There, the average price was still above the one-million dollar mark at $1,024,941 but down 26 per cent from April.
“Since the Fair Housing Measures were introduced by the Ontario Government that month (April), average detached home prices have dropped almost 20%,” according to Zoocasa.