The 2015 Toronto Real Estate Market – An economic landscape where supply rarely meets demand, low-rise houses are highly coveted, and detached homes can fetch well over $1 million. We already know the 416 housing market is red hot right now, but what about the Suburbs of Toronto?
This year, Toronto has seen an increase in sales of freehold (low-rise towns, semis, and detached) homes, however, the actual figure may surprise you. From January 2015 to August 2015, there has been a marginal increase of only 2 per cent. This is mainly due to the lack of active listings as well as affordability. What might be more surprising is the sales activity in the 905 area – in York Region, freehold housing sales saw radical increases this year, with a 20 per cent jump in New Market alone.
As housing prices in the 416 continue to become out of reach for many, hopeful homebuyers set their sights on the suburbs for a place to call home. With larger lots, newer homes, less hustle and bustle, and basically more bang for your buck, the suburbs of the GTA are a winning choice for buyers in search of family homes as well as investors looking to stretch dollars.
The following Top 10 List covers housing markets in the GTA which saw the most significant price growth for low-rise homes in 2015, and figures representing a year to date comparison for 2015 and 2014.
Newmarket
Average 2015 House Price 2015: $693,190 – (25% increase)
Average 2014 House Price: $551,413
Total Sales 2015: 1173
Total Sales 2014: 999
Average Days on Market 2015: 16
Average Days on Market 2014: 20
Richmond Hill
Average 2015 House Price 2015: $1,011,031 – (20% increase)
Average 2014 House Price: $833,913
Total Sales 2015: 2014
Total Sales 2014: 1838
Average Days on Market 2015: 16
Average Days on Market 2014: 17
Vaughan
Average 2015 House Price 2015: $886,727 – (16% increase)
Average 2014 House Price: $764,782
Total Sales 2015: 2283
Total Sales 2014: 1981
Average Days on Market 2015: 16
Average Days on Market 2014: 21
Whitby
Average 2015 House Price 2015: $506,715 – (16% increase)
Average 2014 House Price: $437,082
Total Sales 2015: 1424
Total Sales 2014: 1327
Average Days on Market 2015: 14
Average Days on Market 2014: 16
Markham
Average 2015 House Price 2015: $935,272 – (15% increase)
Average 2014 House Price: $814,173
Total Sales 2015: 2287
Total Sales 2014: 2073
Average Days on Market 2015: 14
Average Days on Market 2014: 16
Aurora
Average 2015 House Price 2015: $734,735 – (15% increase)
Average 2014 House Price: $637,213
Total Sales 2015: 656
Total Sales 2014: 536
Average Days on Market 2015: 15
Average Days on Market 2014: 17
Ajax
Average 2015 House Price 2015: $515,318 – (14% increase)
Average 2014 House Price: $451,483
Total Sales 2015: 1414
Total Sales 2014: 1361
Average Days on Market 2015: 12 – (Ajax saw its homes sell the fastest in the GTA
Average Days on Market 2014: 15
Mississauga
Average 2015 House Price 2015: $717,661 – (11% increase)
Average 2014 House Price: $647,571
Total Sales 2015: 4317
Total Sales 2014: 4,166
Average Days on Market 2015: 17
Average Days on Market 2014: 18
Milton
Average 2015 House Price 2015: $521,548 – (10% increase)
Average 2014 House Price: $427,923
Total Sales 2015: 1,443
Total Sales 2014: 1,399
Average Days on Market 2015: 14
Average Days on Market 2014: 17
Pickering
Average 2015 House Price 2015: $563,823 – (9% increase)
Average 2014 House Price: $515,671
Total Sales 2015: 716
Total Sales 2014: 616
Average Days on Market 2015: 14
Average Days on Market 2014: 17
