GTA house prices too rich for first-time buyers despite new program: report

York Region houses too pricey but some condos fit the bill

Yorkregion.com
Sept. 11, 2019
Lisa Queen

A house in York Region remains out of reach for first-time buyers despite a new incentive from the federal government, a new report shows.

However, those home shoppers may be able to find an affordable condo.

Ottawa’s new program offers first-time buyers a 5 per cent loan towards the purchase of a resale home.

To qualify, a home can cost no more than $505,000 for a buyer making the minimum down payment of 5 per cent with a household income of less than $120,000.

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Real estate brokerage and website company Zoocasa analyzed average prices of detached and semi-detached houses and condos in the Greater Toronto Area to see if first-time buyers can take advantage of the incentive.

No communities have average home prices below $505,000. While there may be some houses in those markets selling for less, they are likely slim pickings.

On the other hand, some communities have an average condo price of less than $505,000.

Toronto has the highest average price of a detached or semi-detached house at almost $1.76 million.

King Township is in second place at just over $1.7 million.

Richmond Hill is fourth at $1.26 million, followed by Vaughan in fifth at more than $1.17 million and Markham a whisker behind in sixth, also just over $1.17 million.

In 11th place is Aurora at $990,007.

Whitchurch-Stouffville comes in 12th at $951,990.

Newmarket is 16th at $836,955, East Gwillimbury is 18th at $815,956 and Georgina is 30th at $565,689.

When it comes to condos, the average price in Toronto is $694,284, Vaughan is second at $573,209 and Markham is fifth at $525,457.

Aurora, at sixth on the list, is the first community where the average price of a condo falls below the $505,000 threshold. The average condo sells for $484,167.

Richmond Hill is next at $481701.

The average price in Newmarket is $438,357.

The average price in Whitchurch-Stouffville is $529,750 but that is based on fewer than five sales, meaning it may not be an accurate depiction of the market.

There were few sales in King, where the average price is $423,625 and in Georgina, where the average price is $252,500.

No condos sold in East Gwillimbury.