Price increases in some Greater Toronto Area suburbs outpacing Toronto core
TORONTO, Oct. 14, 2015 /CNW/ - The Royal LePage House Price Survey1 released today showed double-digit increases in the year-over-year price of homes in 10 of the 13 regions surveyed in the Greater Toronto Area (GTA). In the third quarter of 2015, the aggregate2 price of a home in the GTA rose 11.3 per cent over the year prior to $612,261.
Greater Toronto Area Market Summaries
Reflective of the GTA as a whole, the third quarter of 2015 saw a seller's market in Toronto with a combination of increased demand from millennials desiring to live downtown and baby boomers looking to downsize but stay among the city's amenities and conveniences. In the city of Toronto, the aggregate price of a home across housing types surveyed climbed 11.2 per cent to $639,970.
As prices continue to increase in the central regions of the city, more homebuyers are looking outside the downtown core to more affordable homes in areas of the GTA such as Scarborough.
Markets in the Durham Region also saw significant price increases across housing types surveyed in the third quarter of 2015. The aggregate price of a home in Ajax climbed 14.5 per cent year-over-year to $524,710, while the aggregate home price in Pickering increased 12.6 per cent to $540,896. During the same period, Oshawa and Whitby saw notable home price increases of 9.7 per cent to an aggregate price of $364,366 and 9.6 per cent to $473,400, respectively.