People Are Snatching Up Houses In Toronto's East End And Prices Are Exploding
A new study has just revealed tons of information about house prices in Toronto, and surprise — it looks like they are still going up. Detached home sales have gone up in 88 percent of markets in the Toronto Real Estate Board. Meanwhile, 51 percent of markets saw price increases in detached homes from January to June 2019 since last year, according to the report by RE/MAX.
The neighbourhoods of North Riverdale, South Riverdale, Blake-Jones, Greenwood-Coxwell — all east end neighbourhoods — had the highest price surge, at 15.2 percent. As of June 2019, the average cost of a detached home in these neighbourhoods is $1,378,987.
According to RE/MAX, these are the top five Toronto neighbourhoods where house prices have soared in the last six months.
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The neighbourhoods south of Bloor came in at a 12.8 percent price hike, with the average detached house price reaching almost 2 million. These neighbourhoods include Trinity-Bellwoods, South Riverdale, Little Portugal, Dufferin Grove, Kensington-Chinatown, and Niagara.
Although housing prices did go up in these 416 neighbourhoods, it looks like the 905 beat them out in terms of actual sales. All 30 housing areas of the 905 experienced an increase in home sales compared to just 20 of Toronto's 35 housing areas getting home sales. Still, it looks like people are buying homes across the GTA despite all the talk about the suffocating housing bubble!
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The same east end neighbourhoods we mentioned before saw a 12.2 percent decrease in sales this year compared to last year. The south of Bloor neighbourhoods, on the other hand, saw a 24.1 percent increase in sales.
"With recovery well underway in the detached housing segment, the residential real estate market is starting to fire on all cylinders," says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. "The possibility of more relaxed mortgage rules down the road — in conjunction with today's low interest rate environment — may serve to spark up the GTA housing market yet again."
It looks like if you're buying in Toronto, it's on the outskirts of the city. Scarborough's L'Amoreaux, Tam O'Shanter-Sullivan, Steeles neighbourhood had the highest number of actual sales in the entire city. They experienced a 76.2 percent increase in detached home sales.