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GTA home prices climb 16.6% in best July on record

In Canada by TheRedPin Team21 Comments

Toronto housing market July TrebImage: Simon Carr/Flickr

In Toronto’s scorching housing market, sales records have notoriously short life spans as new milestones are reached almost consecutively month-to-month.

July was no exception with 9,989 homes changing hands (an all-time high for the month) while prices jumped to $709,825, up 16.6 per cent from the same time last year.

Despite fervent activity and monumental price gains, however, the real estate board isn’t very enthusiastic about the underlying reason propelling prices skywards – a dire lack of supply.

“Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA,” said Larry Cerqua, president of the Toronto Real Estate Board (TREB).


To find out how prices fared in your city in July, type out your area and home type in the comments section below and we’ll provide you with the numbers.


Buyers in July had 31.9 per cent fewer homes to choose from compared to twelve months ago, a substantial dip that has driven competition for properties on the market to feverish levels, particularly for single-family houses.

Double-digit price jumps have become the norm with family homes in some cities selling in an average of just nine days. 

Detached residences across the GTA collectively saw values up 18.5 per cent, with price growth in the suburbs outpacing the City of Toronto.

“GTA REALTORS® have been working very hard on behalf of their buyer clients to help them find a home meeting their needs,” said Mr. Cerqua in a statement. “Unfortunately, listings for single-detached and semi-detached houses and townhouses continue to be in short supply.”

TREB Market Watch - July Toronto Housing MarketThe number of detached homes that sold over asking also effectively doubled from 1,241 in July 2015 to 2,281 last month.

The condo market, which isn’t plagued by the same dearth of supply as family homes, saw prices climb by 8.2 per cent in Toronto. Surprisingly, however, condos outside the city experienced an even more substantial 13.7 per cent spike, a sign suburbanites are driving demand for high rises as they’re increasingly being priced out of family homes.

Want to get started on your home buying and selling journey? Give us a call at 416.800.0812 and check out TheRedPin’s listings page

Comments

    1. Author
      TheRedPin

      Hi Kwabena,

      Hope you’re having a great Saturday morning!

      Given your inquiry is more in-line with a home evaluation, your request has been passed on to our team of agents who will look at comparables and pin-point your specific home’s market value at no obligation.

      In the meantime however, here are what 3 bedroom townhomes sold for in your Milton neighbourhood of Harrison in 2016 so far: $512,807 – up 17% from what average sold prices were the same time last year.

      If you have any more questions, please free to contact us at inquiry@theredpin.com or by phone at 416.800.0812.

      Best,

      TheRedPin

    1. Author
      TheRedPin

      Hi Samir,

      Hope you’re having a great start to your weekend.

      In your neighbourhood of Alton, Burlington, the average semi detached home sold for $691,733 in July.

      If you have any more questions, please free to contact us at inquiry@theredpin.com or by phone at 416.800.0812.

      Best,

      TheRedPin

    1. Author
      TheRedPin

      Hi Michael,

      Thanks for reaching out in the comments section.

      Between April and July, the average sold price of a detached home in Fort Erie was $385,445 – up 5.8 per cent from the same time last year.

      Have any other questions? Let us know at inquiry@theredpin.com or by phone at 416.800.0812.

      Best,

      TheRedPin

    1. Author
      TheRedPin

      Hi Robert,

      Hope you’re enjoying the start of your weekend!

      Between April to July, average sold prices of 3+2, 2 bath detached homes in your Scarborough neighbourhood of Woburn was $668,688 – up 18 per cent year-over-year.

      Best,

      TheRedPin

  1. Janine mather

    Hamilton mountain. 2 storey, 3 + 2 bedroom, 3.5 bathroom, 2 car garage, detached

    1. Author
      TheRedPin

      Hi Janine,

      Hope all is going well! Average sold prices between April to July around the general Hamilton Mountain area was $398,150.

      If you have any more questions, please free to contact us at inquiry@theredpin.com or by phone at 416.800.0812.

      Best,

      TheRedPin

  2. jamie

    Detached bungalow (2 bedrooms, 2 washrooms) at Donlands and Mortimer Ave. in Toronto
    thanks !

    1. Author
      TheRedPin

      Hi Jamie,

      We can definitely give you those numbers. In 2016 so far (January to July), the average sold price of 2 bed, 2 bath detached bungalows in your neighbourhood was $787,750.

      Best,

      TheRedPin

    1. Author
      TheRedPin

      Hi Maple,

      Hope you’re having a great Saturday.

      The average sold price of 3 bed, 3 bath townhomes in the Vaughan neighbourhood of Patterson between April to July was $791,748 – up 19.6 per cent year-over-year.

      Best,

      TheRedPin

    1. Author
      TheRedPin

      Hi Abida,

      Hope all is going well!

      In 2016 so far, the median sold price of detached homes in your general area was $481,106. Given your area saw few detached home sales recently, this figures covers all detached home sales irrespective of number of bedrooms or washrooms.

      Your inquiry has been passed on to our team of inside agents who will conduct a more in-depth evaluation.

      Best,

      TheRedPin

  3. james

    What is the average price for a 2000 sq.ft +. executive , upscale Town Home in Oakville, north and south end’s, thank you.

    Cheers
    James

    1. Author
      TheRedPin

      Hi James,

      Hope you’re having a great Monday!

      After looking at how much townhomes between 1,800 to 2,2500 square foot sold for across the city of Oakville, we found median prices hovered around $640,000 between April to July.

      If you could provide more detail in terms of the neighbourhoods around the city you’re looking at, we’ll do our best to provide more local numbers. We’re always available by phone at 416.800.0812 or email (inquiry@theredpin.com) if you have any more questions.

      Best,

      TheRedPin

    1. Author
      TheRedPin

      Hi Leslie,

      Thanks for providing all your details. One of our realtors will run the numbers and provide an in-depth home evaluation on your property at no obligation. Keep an eye out at your email inbox.

      In the meantime, we looked at what 2 bed townhomes recently sold for around your general area and found median prices to be $643,500.

      Best,

      TheRedPin

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