The housing markets in the Greater Toronto Area could witness a rapid increase in dwelling values this year, according to the latest market forecast by Royal LePage.
During the fourth quarter of 2019, the region recorded a 4.8% increase in aggregate home prices to $843,609. Over the same period, the median price of a standard two-storey home and bungalow increased by 4.4% and 2.4% to $982,944 and $806,977, respectively. The median price of condominiums rose faster, at 7.8% t to $565,919.
The low supply of homes, the increasing population, and the stronger consumer confidence continued to fuel the upturn in the region's prices, said Kevin Somers, Royal LePage chief operating officer.
"The Greater Toronto Area is at a pivot point where we are seeing signs that prices could begin to rapidly increase. The region has a very low supply of listings while we are seeing more potential buyers trying to enter the market," he said.
Across the region, the price growth varied significantly, with some areas, particularly those within the city-centre, showing stabilising values due to high demand and low inventory.
Pickering and Mississauga reported the most substantial price increases at 9.7% and 7.9%, respectively. In Toronto, values jumped by 6.6%.
The cities of Ajax and Oshawa were the only two areas to show a year-over-year decline in aggregate price, down by 1.2% and 1.8%, respectively.
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