August was a record-breaking month for the Greater Toronto Area (GTA) real estate market thanks to low borrowing costs and an improving economy following months of uncertainty brought on by the COVID-19 pandemic.
And after spending months indoors, it’s becoming clear that buyers’ behaviours have shifted with many turning to areas where they can find more space to live. As such, there’s been a notable shift in housing demand in local municipalities where detached homes are more available.
To get a better understanding of how the prices of detached homes fluctuate throughout the GTA, Zoocasa reviewed average detached house price trends in 33 municipalities, or regions, by analyzing the latest data from the Toronto Regional Real Estate Board (TRREB).
The analysis revealed that there was a significant rise in average detached home prices across several Toronto regions, with a number of municipalities hitting their “peak” average detached price — or close to it — in August.
Of the 33 GTA areas included in the analysis, average detached house prices hit their all-time peak in 12 regions including Ajax ($862,454), Clarington ($732,523), Oshawa ($672,522), Scugog ($919,542), Whitby ($886,322), Burlington ($1,184,945), Halton Hills ($1,046,213), Brampton ($989,039), Mississauga ($1,307,832), Essa ($844,362), Innisfil ($766,834), and New Tecumseth ($768,788).
What’s more, in total, 18 municipalities across the GTA noted average home prices above the million-dollar threshold in August, compared to 12 regions during the same time last year. These municipalities were concentrated in the City of Toronto, Durham Region, Halton Region, Peel Region, and York Region.
Here in Toronto, the average detached home price hit $1,505,100 in August, which was $73,442 or 5% lower than the peak average price in April 2017, according to Zoocasa. And while detached average home prices were above the $2 million mark in Toronto Central last month, this figure is still 5% or $117,910 lower than the February 2017 peak price. Toronto West followed a similar pattern, with average detached home prices $113,956 or 8% lower than the peak, however, this record price was much more recent, in June 2020.
Toronto East is the only region in the City of Toronto that saw prices stay flat since its July 2020 peak and the average detached home price in this area last month was $1,118,506, $3,559 lower than last month. August also marked the area’s third-highest average detached home price on record.
You can read the full report here.