Average price nears $1M for detached homes in York Region

YorkRegion.com
Jan. 10, 2016

The sale price of existing detached homes continued to climb in York Region as the Toronto Real Estate Board reported its second best sales result on record for December 2015.

The month capped off a record year for TREB MLS home sales in the GTA, president Mark McLean said.

There were 4,945 sales in the GTA December bringing the calendar year total to 101,299 - a 9.2 per cent increase compared to 2014.

The average price of a detached home in York climbed closer to the $1-million mark with an average of $987,106 in the last month of the year, according to TREB's numbers.

In Markham, Vaughan, Richmond Hill and King Township, the average price of a detached home in December topped the $1-million mark with 464 detached home sales across the region.

East Gwillimbury saw one of the largest increases in the average price of detached homes from December 2014 to December 2015, jumping from $554,929 to $826,942, a nearly 50 per cent increase, however with just a small sampling of 12 detached homes sold.

“Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households - first-time buyers and existing homeowners alike - confident in their ability to purchase and pay for a home over the long term,” McLean said.

The average selling price for 2015 as a whole across the GTA, taking in detached, townhomes and condominiums, was $622,217 - up 9.8 per cent compared to $566,624 in 2014.

The average detached home price in the City of Toronto is over $1 million, with central Toronto seeing an average detached home price of $1.7 million.

GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well-above the rate of inflation as well through 2015.

GOING UP

Average detached home resale price in York Region: