The Greater Toronto Area’s detached housing market is back on track.
According to REMAX and Toronto Real Estate Board data, the area comprising North and South Riverdale, Blake-Jones and Greenwood-Coxwell, valuations rose 15.2% in 2019, reaching $1,378,987 from $1,197,133 in 2018.
The area beginning at Kensington-Chinatown and moving westward to Dufferin Grove and Little Portugal rose to $1,953,511 in 2019 from $1,732,193 a year earlier, for a 12.8% increase.
Leaside and Thorncliffe Park rose 11.2% in 2019, hitting $2,193,747 from $1,972,450 a year earlier.
Christopher Alexander executive vice president and regional director of REMAX Ontario-Atlantic Canada noted that from January through July, sales were 17% ahead of where they were through the first six months of 2018.
“Market share is also climbing, with detached homes now representing 45.7% of all home sales in the Greater Toronto Area, up from 43.1% one year ago,” he said.
Of course, there are parts of the GTA where detached houses are still languid. Alexander says 51% of GTA neighbourhoods saw double-digit increases in sales volume, 75% of which are south of Highway 401.
“The other 49% are flat or just below last year’s figures, so in some neighbourhoods you can probably get a deal and in others it’s more difficult. Consumers are in a good position that way; they have options, and as a seller, depending on what neighbourhood you’re in, you’re very much in the driver’s seat,” continued Alexander.
Bosley Real Estate sales representative Davelle Morrison noted that York Region, where houses are very expensive, have stayed on the market longer than downtown abodes.
“I wouldn’t say the entire detached market has recovered. Only certain parts of Toronto have recovered,” she said. “North of Steeles Ave. in the 905, and in Thornhill and Richmond Hill, a lot of those houses are sitting on the market and you can’t sell them. There are challenges selling properties in that region, and the areas where sales are hot are driving up the numbers.”
The REMAX and TREB numbers, says Morrison, corroborate what she’s seen happening in downtown Toronto so far this year. Moreover, she says that a lot of people buying those houses aren’t moving into those areas as much as they’re staying put and upsizing.
“It blows me away when I see how much some houses in those neighbourhoods list for. There’s a cost to living downtown and people don’t want to leave it.”
Neil Sharma is the Editor-In-Chief of Canadian Real Estate Wealth and Real Estate Professional. As a journalist, he has covered Canada’s housing market for the Toronto Star, Toronto Sun, National Post, and other publications, specializing in everything from market trends to mortgage and investment advice. He can be reached at neil@crewmedia.ca.
