The number of Toronto suburbs experiencing 20-percent-plus home prices gains for detached homes keeps growing each month.
There were 19 suburbs spread across the Toronto region that saw detached home prices jump more than 20 percent in November compared to the same month last year. That’s five more than October’s tally.
Adjala-Tosorontio, Uxbridge, Pickering, Halton Hills and Innisfil made up the top five when it came to annual price gains. Adaja-Tosorontio in Simcoe County and Uxbridge in Durham Region have routinely topped the list since the summer. The former saw detached home prices rise 57.7 percent to $898,333, while the latter posted a 44 percent gain to hit $1,251,075.
The Toronto Regional Real Estate Board (TRREB) published the home price breakdown for all of the cities and towns across the region in its monthly report last week.
“Home buyers continued to take advantage of very low borrowing costs in November, especially those looking to buy some form of single-family home,” said TRREB President Lisa Patel.
“Competition between buyers for ground-oriented homes has been extremely strong in many neighbourhoods throughout the GTA, which has continued to support double-digit annual rates of price growth.”
Of all the regions covered by TRREB, only Markham, to the city’s north, and Brock, a township in Durham Region, saw annual price movement that didn’t achieve double-digit gains. In fact, Brock saw a slight annual decline in average detached home prices in November. It’s important to note that the township recorded annual price increases in all other months since the summer so this decline is likely a one-off due to the composition of homes sold last month.
Of the 19 suburbs that posted 20-percent-plus price increases, nine of them had average sold prices over $1 million. Average detached home prices in four of those nine suburbs did not crack the million-dollar-mark last November.
King had the highest average detached home price outside of the City of Toronto at $1,712,890, up nearly 21 percent over November 2019.
Article by Sean McKay for Livabl