GTA house and condo prices rally
July 17, 2018
A recent increase in City of Toronto home prices is a harbinger for the rest of the Greater Toronto Area (GTA) this year, a leading real estate agency forecasts.
In the second quarter, median detached house prices in the City Toronto increased 3 per cent from a year earlier to $859,489, while the median price of a condo was up 9.3 per cent to $522,835, according to Royal LePage.
However, home prices declined in much of the GTA—particularly in Richmond Hill, Markham and Vaughan, with less severe drops in Durham, Halton, Peel and York regions. But home prices increased in London, Kitchener-Waterloo and Windsor, driven by buyers moving from Toronto, Royal LePage noted.
"It was a spring market that never blossomed," said Phil Soper, Royal LePage president and CEO.
In its latest house price survey and market survey forecast, Royal LePage reports the overall aggregate price of a detached house in the overall GTA dropped by 1.9 per cent year-over-year to $821,632 in the second quarter. The median price of a condo in the GTA, however, increased 8.7 per cent to $504,073.
Royal LePage, however, is predicting that the aggregate house price in the GTA will rise 2.1 per cent quarter-over-quarter in the third quarter of the year, with an expected increase in consumer confidence and subsequent higher home sales.