Average home price in Stouffville rises $3,000 per day

TREB MLS Home Price Index shows skyrocketing price growth in Stouffville, York Region

Yorkregion.com
April 18, 2017
By Ali Raza

If you own a single-family detached home in Stouffville, you’re making about $3,000 per day on it.

House prices in Whitchurch-Stouffville continue to skyrocket as the latest reports from the Toronto Real Estate Board show massive increases in the average cost of a home in town.

As of the March 2017 report, released earlier this month, the average cost of a composite home is $1,052,600, the average cost of a single-family detached home is $1,074,100 and the average cost of a single-family attached home is $735,600.

It’s roughly a 33 per cent increase from prices measured in March 2016. Additionally, between February and March 2017, the average price of a single-family detached home increased from $976,900 to $1,074,100 — an increase of $97,200.

That’s a price increase of $3,129 per day.

TREB’s director of market analysis Jason Mercer says some of the increase from February to March is moving from winter to spring where there is a “greater diversity of home types” as a share of listings. But the greater cause is “tight market conditions.”

As York Region sees stronger demand and strong price growth, Mercer says the market is unbalanced because of a low number of listings.

“A more balanced market is associated with three or three and a half months of inventory (compared to Stouffville’s one month of inventory),” he said. “We’re well below that number, there’s a lot of competition between buyers. When you see that you’ll see stronger rates of price growth.”

Over the last couple years, house price growth has accelerated rapidly. But there are optimistic signs, Mercer says. According to an Ipsos survey conducted by TREB more than half of intending homebuyers for 2017 are first-time buyers.

Rather than house prices decreasing, buyers are increasing their amount of down payment, “well above the 20 per cent threshold,” Mercer said.

House prices are expected to grow rapidly for the remainder of 2017.

“We’re going to need to see a number of successive months where growth in listings outstrips growth in sales to see a more balanced market,” Mercer said.