It comes as no shock for anyone who is in the market for a new home, whether it’s a first-time buyer, or someone looking for something bigger to accommodate a growing family: detached home prices in Toronto have jumped in the first six months of this year.
According to the latest report from RE/MAX Hallmark Realty Ltd, average prices in the city have increased by 16.4% to $1,230,340, from $1,056,688 last year during the same time.
The report looked at price appreciation for detached homes, and found that areas around the central core, such as Don Mills, led the city with a 36.4% increase in average prices.
Detached homes in that area averaged just over $1.8M.
“Average price will continue to soar in conjunction with improvements in housing stock. Teardown activity is rampant throughout Toronto and neighbouring Scarborough, as evidenced by the ever-increasing number of applications for zoning variances and lot severances. Scarcity of land, further exacerbated by the greenbelt to the north, east and west of the city, has also prompted double-digit increases of detached homes in 90 per cent of neighbourhoods in the 416 area code to date, with almost 57 per cent now reporting average prices in excess of $1 million. As pricing for detached housing south of Highway 401 escalates, buyers have set their sights on communities north of the 401 that offer up bungalows and smaller two-storey homes on good size lots at more affordable price points. However, fewer and fewer post-war homes are available within Toronto proper, given the move toward re-gentrification.” – Ken McLachlan, Broker-Owner, RE/MAX Hallmark