Price of GTA homes up 8.6% over 2014

torontosun.com
Jan. 13, 2016
By Terry Davidson

Canada may be wallowing in the fog of a slumping economy, but home prices in the GTA continue to go up, up, up.

According to the Royal LePage House Price Survey and Market Survey Forecast, the overall price of a home in the GTA - including two-storey houses, bungalows, and condo units - increased in the fourth quarter of 2015 by 8.6% compared to the same period in 2014, to $605,898.

The median price for a two-storey went up 9.7% to $715,525, while the cost of a bungalow went up 7.8% to $596,842, and condominiums increased by 3.7%, to a median price of $361,809.

Toronto: Shorter commute times and urban living continue “to bring many would-be homebuyers to central Toronto with Canada’s financial capital remaining the top destination for migrants from within and outside” Canada. The price for a home grew 7.2% during the fourth quarter of 2015 compared to the same quarter in 2014.

Scarborough: Toronto’s neighbour to the east saw an overall increase of 9.1%.

Ajax: Prices increased 7.4%.

Brampton: Of all GTA jurisdictions, Brampton saw the strongest increase in appreciation, with the overall price of a home going up 11.4% to an average of $513,092. A lack of listings was the big reason.

Markham: Overseas buyers looking to take advantage of a weak loonie helped hike the average price of a home in Markham by 11%. A big decrease in the number of homes on the market also contributed.

Mississauga: A limited number of listings and high demand drove overall home prices up 10.8% to an average of $552,673. Younger homebuyers who’ve been priced out of the Toronto market have set their sights on Mississauga.

Milton: One of the fastest growing communities in the nation, Milton has been attracting younger buyers and seen prices increase 8.4%, to an average of $552,156.

Oakville: A strong reputation and new infrastructure pushed prices up 5.5%.

Oshawa: Prices rose 7.8%.

Pickering: Prices jumped 8.9%.

Whitby: Strongest price appreciation in Durham, with prices increasing 11.4%.

Vaughan: The city saw some of the highest price growth in the GTA towards the end of 2015. The average price of a home increased by 11.4%, mainly because of migration to the area and a shortage of listings.