The number of Toronto suburbs recording detached home price gains over 20 percent continues to climb.
In December, during what’s typically a quiet month for homebuyer activity, 20 suburban communities saw detached home prices rise over 20 percent compared to the same period in 2019. That’s up, slightly, from the 19 suburbs that saw price gains reach that level in November.
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Detached home price data for December was released earlier this week by the Toronto Regional Real Estate Board (TRREB).
Last month, it was Adjala-Tosorontio, New Tecumseth, Caledon, Milton and Pickering that experienced the largest annual increases for detached properties. Adjala-Tosorontio in Simcoe County recorded a 76.6 percent increase, as detached home prices rose to an average of $1,081,875.
New Tecumseth in Simcoe County and Caledon in Peel Region recorded average price increases over 40 percent in December, while prices in Milton and Pickering rose by 38 percent.
Another three suburban communities — East Gwillimbury, Aurora and Georgina — posted price increases above 30 percent.
Of all the cities and towns tracked by TRREB, Brampton saw the highest number of detached home sales at 362. But, with a relatively modest average price increase of 15.9 percent, the large Peel Region city fell outside of the top 20 markets that experienced the highest gains in December.
RBC Senior Economist Robert Hogue wrote this week that the pace of detached home buying in the Toronto region is likely to slow in early 2021, but not because of a lack of demand. Instead, low supply will lead to a drop in overall sales, while prices will continue “on an accelerating path in the near term,” he said.