Photo: Michael Gil/Flickr
From Oakville and Milton in Halton Region to Oshawa and Clarington in Durham Region, there were 14 Toronto suburban cities and towns that saw detached home prices rise over 20 percent in October.
For the fourth consecutive month, the Toronto region’s housing market broke a sales record, again surging past 10,000 transactions for a 25 percent sales increase in October compared to the same month last year.
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The Toronto Regional Real Estate Board (TRREB), which published the data yesterday, noted that sales in the detached home market segment drove the biggest gains, with new listings unable to keep pace with demand.
As buyer preferences have shifted to suburban detached homes, prices have been rising rapidly as suburban markets tighten up in the face of the demand influx. In just one example of how markets have quickly changed, detached home prices rose by more than 20 percent in 10 Toronto suburbs in September. Now, in October, there are 14 suburbs that saw home price growth surpass the 20 percent-mark.
Of the 30 suburban cities and towns tracked by TRREB, Adjala-Tosorontio in Simcoe County and Uxbridge in Durham Region saw by far the largest increases in detached home prices in October. Prices in Adjala-Tosorontio rose nearly 60 percent to $1,039,993 while Uxbridge recorded a close to 52 percent increase to $1,249,676.
Six more areas saw detached home prices rise over 25 percent. They were Scugog, Caledon, Clarington, Halton Hills, New Tecumseth and East Gwillimbury.
Rounding out the 14, another six markets saw prices rise between 20 percent and 25 percent. They were Oakville, Oshawa, Vaughan, Newmarket, Milton and Pickering.
Ten of those 14 markets recorded average sold prices above $1 million. In October 2019, only three of those same markets had average sold prices over the million dollar mark.
TRREB Chief Market Analyst Jason Mercer said earlier this week that the board expects near-record home sales figures for the remainder of 2020 with pent-up demand from the spring still buoying market activity. With buyers still scooping up detached homes at a rapid pace, expect prices to keep accelerating too.