The GTA’s residential real estate market continued it’s growth in the last quarter, according to the latest Royal LePage House Price survey.
The average price of a 2-storey home jumped 14.8% from the same time last year to $812,990. Average bungalow prices climbed 16% to $688,813, and condo prices were up 5% to $381,963. The overall average price of a home was up 13.6% to $693,154.
The strongest growth in the third quarter was posted in areas outside downtown Toronto, with all but Brampton, Milton and Mississauga outpacing home price appreciation in the city.
“Many home buyers have continued to look towards the suburban areas of the Greater Toronto Area for affordable housing, as ongoing house price appreciation, chronically constrained inventory and an unprecedented level of demand has priced many purchasers out of the region’s innermost markets. For those focusing their home search within the core, this low inventory, high demand environment has increased instances of multiple offer situations, and caused prices to skyrocket further.” – Gino Romanese, Senior Vice President, Royal LePage.
The full report can be accessed here.