Home prices continue to rise in and around Toronto as real estate markets rebound following spring's pandemic-rooted sales slowdown, particularly in the detached sector.
A new report from Canadian brokerage and analysis firm Zoocasa states that 12 of the 33 municipalities in the Greater Toronto Area posted all-time records for average home prices in August of 2020.
More than half of all regions (18) had average detached prices above the one million mark as of last month, up from 12 during the same time period last year, all of them concentrated in the City of Toronto, Durham Region, Halton Region, Peel Region and York Region.
Toronto proper did not hit a new peak high price for detached homes — that happened back in April of 2017. Still, with an average value of $1,505,100, detached homes within the city remain out of reach for the vast majority of residents.
In terms of sales, Toronto area realtors reported another busy month after a record-breaking July with 5,429 residential transactions.
"With low borrowing costs, and improving economic conditions, GTA buyers jumped back into the market, albeit with a renewed look at their housing priorities," reads the Zoocasa report.
"With more people spending the majority of their time at home over the past few months, some buyers are now seeking out larger properties with backyards or better access to green space, resulting in a shift in housing demand to municipalities where this format of low-rise housing is typically more accessible and available."
You can check out Zoocasa's in-depth analysis or look at the chart below for a full breakdown of which regions broke new records for home prices in the GTA during August of 2020:
by Lauren O'Neil via blogTO
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