Detached home price tops $1M in Markham, Richmond Hill

YorkRegion.com
April 7, 2015

The Toronto Real Estate Board says GTA realtors reported 8,940 sales of existing homes in March, with 1,794 of those sales in York Region, according to its monthly market report released today.

The average sale price of a home sold in York Region in March 2015 was $758,000, well above the GTA average of $613,900.

This includes detached, semi-detached, townhouses and condos.

When separating out different home types, the average sales price of a detached home in York Region exceeded $900,000, with Richmond Hill and Markham leading the price charge.

There were 248 detached homes sold in Markham at an average price topping $1 million and 193 in Richmond Hill with an average price in excess of $1.1 million.

Average number of days a home was on the market in March in York Region was just 18.

Total volume of all sales in York Region was $1.3 billion.

On average, sellers in York are getting 101 per cent of their asking price.

Average Toronto home prices jumped 10 per cent in March, driven by a sharp rise in the price of detached homes to well over $1-million in the "416" area.

Real estate board president Paul Etherington pointed to low interest rates and “a substantial amount of pent-up demand” in the market for low-rise homes that are driving the market.

The GTA is one of Canada’s two hot housing markets, behind Vancouver, where sales jumped 53 per cent in March and the average detached home price hit $1.4-million.

Sales have dried up in oil-economy cities such as Calgary, Edmonton and Regina, while the market has also been weak in Atlantic Canada and Quebec.

SIDEBAR
Prices keep climbing
 
Average price (avg. detached price)
 York Region: $758,542 ($913,459)
 Aurora: $692,826 ($813,753)
 East Gwillimbury: $669,315 ($730,622)
 Georgina: $389,595 ($397,136)
 King: $889,347 ($935,077)
 Markham: $797,734 ($1,013,713)
 Newmarket: $612,469 ($696,982)
 Richmond Hill: $846,313 ($1,116,880)
 Vaughan: $796,386 ($998,386)
 Whitchurch-Stouffville: $767,243 ($830,291)