Still a sellers’ market in the 905?

The 905 area, including the Niagara Peninsula, Hamilton, Oshawa and the suburban GTA, is still a sellers’ market, according to a report by the Toronto Real Estate Board (TREB).

This includes low-rise properties, such as townhouses, and detached and semi-detached homes. The average price of a townhouse in the area rose by 8.5 per cent, to $420,866.

In Toronto, townhouse sales were up almost seven per cent, while the average price shot up 10 per cent, to $491,303.

Dianne Beaman, a realtor with iPro Realty, said that townhouses were a boon for her business in 2014, as she sold several in and around the GTA. “There’s such a small inventory of homes like this so they can sell pretty quickly,” she added.

With townhouses in the 416 and 905 almost two-times less than the average house price in Toronto, it is much more affordable to secure a mortgage, despite the numbers showing a modest decline over the few two weeks of December, Beaman continued.

The average home in Toronto balanced out at $936,761 for a detached home, while a semi-detached house cost approximately $660,412 during the first two weeks of December.
 

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