The steady rise in housing prices in Toronto has had some ripple effects throughout the GTA. A new report suggests that housing prices in the GTA are rising faster than that of those in the Toronto core.
According to a new report from Royal LePage, the recent boom in the Toronto real estate market has shown some ripple effects in the GTA, which has led to a rise in housing prices that are much quicker than the Toronto core. Since last year, the report found that the average price of a home in the GTA rose 11.3% from to just over $612,000 — while houses in the city’s core went up 11.2%, in the same period, to more than $639,000. Royal LePage’s CEO says the GTA’s rise in prices can be attributed to the sky high prices of the downtown core .
“As homes in legacy central Toronto neighbourhoods move increasingly out of reach, we are observing that the more affordable areas in southern Ontario, including the GTA suburbs, are experiencing substantial price appreciation and heightened sales activity levels,” said Royal LePage CEO Phil Soper.
The figures shown for both the GTA and the Toronto-core are way above the average of other major markets that the region was compared to. According to the report, the price of a two-storey home in Canada is about $616,300. That number is based on house values in 53 of Canada’s largest real estate markets.
Do you find it surprising that the housing prices in the GTA are rising faster than the prices in the downtown core?
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