Detached home price tops $1M in fourth York community

Yorkregion.com
June 4, 2015

Home prices in York Region kept marching upward in May in step with prices across the GTA, with a fourth York Region municipality joining the $1-million club.

The average price of a detached home in Vaughan exceeded $1-million in May, as the city joined Markham, Richmond Hill and King as communities where the average price of a prized detached property topped the $1-million mark for the month, according to a report released this week by the Toronto Real Estate Board.

The 295 detached homes sold in Vaughan in May went for an average price of $1,042,993. In Markham, 331 detached homes sold at an average price of $1,080,924. In King, 50 detached resale homes went for an average price of $1,096,056. And in Richmond Hill, 258 detached homes sold at an average price of $1,142,266.

Other notable figures include detached homes in Markham selling for an average of 104 per cent of their asking price, and detached homes in Richmond Hill and Markham being on the market for an average of just 12 days.

When looking at the region as a whole, the average price of the 1,415 detached homes sold in York in May was $952,917, which is actually down slightly from April’s $954,000. In March the average detached home price in York was $913,000 and in February, $895,000.

Overall, when looking at detached, semi-detached, townhouses and condos, the average selling price of an existing dwelling in York Region in May 2015 was $790,000, up from $780,000 in April and more than $100,000 above the GTA average of $649,599 for May.

“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth regardless of the price metric being considered,” said Jason Mercer, TREB’s director of market analysis.

“With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015.

“At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand.”