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GTA buyers head west ReMax

GTA homebuyers continue to look west in search of affordability

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GTA homebuyers continue to look west in search of affordability

GTA buyers head west ReMax

Homebuying patterns in the GTA have increasingly shifted west over the last five years, particularly to Halton Region and west Toronto, according to a new report from ReMax of Ontario-Atlantic Canada.

“Growing demand for affordable housing buoyed new construction and contributed to rising market share in Halton Region (from 2013 to 2018),” says Christopher Alexander, executive vice-president, ReMax of Ontario-Atlantic Canada. “Product was coming on-stream at a time when the GTA reported its lowest inventory in years and skyrocketing housing values were raising red flags. Freehold properties in the suburbs farther afield spoke to affordability.”

In analyzing sales trends in nine Toronto Real Estate Board (TREB) districts over the past five years, ReMax notes that Halton Region – comprising Burlington, Oakville, Halton Hills and Milton – captured 10.1 per cent of total market share in 2018, leading with a 2.3-per-cent increase over 2013. Toronto West, meanwhile, climbed almost one per cent to 10.5 per cent. Toronto Central rose close to two per cent to 18.7 per cent of total market share, while Simcoe County jumped 0.6 per cent to 3.1 per cent. The gains came at the expense of perennial favourites such as York Region (down 3.2 per cent to 15.3 per cent); East Toronto (down 1.7 per cent to 9.3 per cent); Peel Region (down 0.5 per cent to 20.6 per cent); and Durham Region (down 0.3 per cent to 11.5 per cent). Dufferin County remained stable over the five-year period.

The quest for single-detached housing at an affordable price point has sent throngs of Toronto buyers into the Hamilton housing market over the past decade, ReMax says. The spillover effect has stimulated homebuying activity in most areas flanked by Toronto’s core and Hamilton. Burlington, in particular, soared between 2013 and 2018, with home sales almost doubling and average price climbing 50 per cent to $769,142.

Window of opportunity

But with such strong growth in Burlington, how long will this market remain an affordable option?

“The communities in the west will still be affordable compared to Toronto proper, but what we are going to see is a continued uptick in demand for more of the outlying communities like Brantford, Waterdown, Kitchener-Waterloo, Cambridge and even as far-reaching as London and Niagara,” Alexander told HOMES Publishing. “What will really impact the growth of these markets, outside of availability and affordability, will be the underlying transit systems and investments in local economies, as people still have a need to be connected to the GTA core.”

The upswing in new construction has contributed to the changing landscape. New housing starts in Halton Region averaged 3,100 annually between 2013 and 2016. In Simcoe County, just north of Toronto, new residential builds averaged close to 1,860 annually from 2013 to 2017.  During the same period, almost 39,000 residential units came on-stream in Toronto’s downtown-central waterfront area, while another 56,855 were active (approved with building permits applied for or issued and those under construction). Another 6,000 units came on the market in North York and Yonge-Eglinton.

 

GTA home sales ReMax

 

In Toronto’s west end, affordability has been a strong influence in helping Millennials redefine mature neighbourhoods such as The Junction, South Parkdale, Bloorcourt and Dovercourt Park through gentrification. Average price for the 8,000 plus homes sold in 2018 hovered at $755,658 – although the 10 districts within Toronto West range in price from $557,000 in Downsview-Roding, Black Creek and Humbermede to $1.2 million in Stonegate-Queensway.

“Freehold properties remain the choice of most purchasers in Halton Region and Toronto West,” says Alexander. “The same is true to a lesser extent in Toronto Central, but condominiums continue to gain ground. Just over one in three properties sold in the GTA was a condominium in 2018, and that figure is higher in the core. As prices climb in both the city and suburbs, the shift toward higher-density housing will continue, with fewer single-detached developments coming to pass.”

Toronto Central has seen rapid growth over the past five years, with Millennials fuelling demand for condos and townhomes in developments such as City Place, King West Village and Liberty Village. This cohort has also been instrumental in the gentrification of Toronto Central neighbourhoods such as Oakwood-Vaughan and Dufferin Grove as they snap up smaller freehold properties at more affordable price points, ReMax says.

ALSO READ: 2018 GTA new home sales drop to lowest mark in nearly 20 years

ALSO READ: GTA resale condo listings and sales dip to end 2018, but prices rise

ALSO READ: GTA among the most promising new home outlooks for 2019, Altus Group says

Baby Boomers have also been a major influence in Toronto Central, selling larger homes throughout the GTA and making lateral moves or downsizing to neighbourhoods close to shops, restaurants and amenities. Close to 15,000 properties were sold in 2018, with average price of $932,416, up almost 40 per cent since 2013. Properties within Toronto Central averaged 20 days on market and ranged in price from $709,660 in Bayview Village to $2.5 million in York Mills, Hogg’s Hollow, Bridle Path and Sunnybrook.

With an affordable average price point of $611,628 – and a range of $528,942 to $746,332 – younger buyers, empty nesters and retirees have flocked to Simcoe County in recent years. New construction in Adjala-Tosorontio, Bradford West, Essa, Innisfil and New Tecumseth has allowed the area to capture a greater percentage of the overall market between 2013 to 2018.

“As the Millennials move into their homebuying years, they will displace Baby Boomers as the dominant force in the GTA’s real estate market,” says Alexander. “Their impact on housing will have a serious ripple effect on infrastructure in the coming years, placing pressure on transit systems, roadways, local economies and their abilities to attract investors and new businesses, parks and greenspace development.”

The upswing in demand over the next decade is expected to re-ignite homebuying activity in Toronto East, York, Peel and Durham Regions. These areas still carry significant weight, despite the factors that have impacted softer performance in recent years, such as affordability, lack of available housing and fewer transit options.

GTA west vs east

As the west end of the GTA continues to see growth and price appreciation, a leveling effect will likely come into play (with the east region),” Alexander told HOMES. “Toronto’s GDP and the thriving economy will continue to attract people, so while affordability may continue to decrease, desire is unlikely to waver. That said, the current and next generation of homebuyers are taking this factor into account when they are making their decision to purchase – sacrificing space for lifestyle and convenience.  As they look to the greater GTA, if affordability becomes more leveled out between the west and the east, it’s likely that we will see more dispersion across the entire region as people’s desire to be connected to the GTA core remains strong.

GTA east areas such as Durham region currently don’t have the same appeal as the west. “The West end of the GTA has a greater diversity of communities that are attracting a diverse range of buyers.  In the past 10 years, there has been significant focus on the growth and development of these regions, whereas historically, Durham has not traditionally been viewed in this same regard. With the boom in areas towards the east, like Prince Edward County, and the affordability leveling out, we will likely see the tide begin to turn.”

RELATED READING

Delays in approval process contributing to housing affordability issue in GTA

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h_feb19_home_builder_fi

Three opportunities to positively impact housing in 2019

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Three opportunities to positively impact housing in 2019

h_feb19_home_builder_fi

In 2018, the underlying issues impacting housing supply in the GTA and in turn the impacts on housing affordability, cost of living and its broader societal impact were a defining part of the public debate of the future of our region. Population growth combined with restrictive regulations, bureaucratic red tape, added costs and infrastructure challenges have created a generational challenge for the region. As we look forward, there are three opportunities to have a positive impact on these issues in 2019.

Housing Supply Action Plan

In late November, the government of Ontario announced that it would be developing a Housing Supply Action Plan. The provincial government rightly recognized that strong demand for housing and limited supply in Ontario has resulted in rapidly rising housing costs over the last few years, and that in fast growing areas like the GTA, high housing costs and rents are squeezing families and individuals out of the market. The Province is looking at what can be done to speed up the approval process so new housing can be built at a faster pace, how to encourage the right housing mix to be built, and the impact that high land costs and fees and taxes are having on housing prices. In addition, the action plan will look at home rental and ownership, not simply one or the other. These important initiatives are a great opportunity to begin to address the fundamental causes of housing affordability.

Revisit the stress test

While the issue of housing affordability is firmly on the provincial agenda, pressure is now growing on the federal government to consider the impacts of its mandated mortgage stress test. The program has succeeded in balancing the hot 2017 market, but is having a disproportionate impact on young and first-time homebuyers. The test, in effect, reduces the maximum amount of a mortgage that a home purchaser can borrow by roughly 20 per cent. Young and first-time homebuyers are the most likely to borrow close to their maximums, however, they also have the longest horizons for repayment and are often in the growth phase of their careers and earning potential. A growing chorus of industry professionals are urging Ottawa to fine-tune the approach and perhaps the potential for a one-time, longer amortization period for first-time buyers can provide some relief in 2019.

Lastly, municipalities can no longer ignore the issue or the role they must play as a partner to industry and the other levels of government in finding meaningful solutions to this issue.

Municipal involvement

During the fall municipal elections, voters in the GTA ranked housing affordability as a top priority for new local governments and the need to increase housing supply as a key mechanism to address  affordability was supported by nine out of 10 respondents to an IPSOS poll conducted by the industry last fall. With new councils and mandates in place, now is the time for new ideas.

This must be the year of action on this issue. With the arrival of 115,000 new residents to the GTA every year, and as we fall short in providing new housing at the levels required, we cannot afford to wait.

Dave Wilkes is president and CEO of BILD (Building Industry and Land Development Association), and can be found on: Twitter.com/BILDGTA) Facebook.com/BILDGTA YouTube.com/BILDGTA and BILD’s official online blog: BILDBlogs.ca

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Ontario web

Ontario government commits to housing action plan

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Ontario government commits to housing action plan

Ontario web
Steve Clark, minister of Municipal Affairs and Housing

The Ontario government says it is committed to a housing plan that makes more good quality places to live available for “the hardworking people of the province.”

“In communities all across Ontario, people are struggling to find housing they can afford,” says Steve Clark, minister of Municipal Affairs and Housing. “We’re taking action to help create more housing faster, give people more choice and bring down housing costs.”

Ontario is knocking down barriers to people getting housing they can afford that meets their needs, through:

 

  • Legislation that would make new rental units exempt from rent control, effective Nov. 15, 2018, while preserving rent increase limits for existing tenants
  • Ending the previous government’s expensive and ineffective Development Charges Rebate Program
  • Seeking public input on ways the government can remove barriers to building the right kind of housing in the right places. This input will inform a broader housing supply action plan. The consultation includes a downloadable toolkit so community groups can host local roundtables and share their thoughts with the province.

 

The demand for housing in Ontario has risen rapidly in recent years, driven by strong population growth and low interest rates. However, the supply of housing has not kept pace, leading to higher prices and rents.

Building more housing will also help make Ontario more attractive to businesses and investors, restoring the province to its rightful place as the economic engine of Canada.

“High housing costs are a barrier to job creators, large and small, because employees need affordable places to live,” says Todd Smith, minister of Economic Development, Job Creation and Trade. “Making housing more affordable will encourage people to start and grow businesses, right here at home.”

BILD reaction

“The Building Industry and Land Development Association (BILD) of the GTA is very supportive of the development of a Housing Supply Action Plan for Ontario,” says David Wilkes, president and CEO. “Shortfall in supply is a key factor undermining housing affordability, increasing rents and creating barriers to home ownership. We applaud the Ford government’s commitment  to address key issues affecting the housing supply and ultimately the affordability of housing in the GTA.”

TREB approves

The Toronto Real Estate Board, for its part, applauds the Province’s announcement.

“The Toronto Real Estate Board applauds the provincial government for taking action to ensure that our city, region and province have an adequate supply and appropriate mix of housing,” TREB said in a release.

Nowhere are housing supply and mix issues more of a priority than in the GTA, where TREB’s 53,000 members operate, the association says. “TREB realtors work with home buyers and sellers every day and they see the challenges caused by inadequate supply and mix of housing.

“We look forward to participating in the provincial government’s consultation process on this issue and helping our region and province to remain one of the best places to live in the world.”

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Delays in approval process contributing to housing affordability issue in GTA

7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

5 steps to solving the housing affordability issue in Ontario

 

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Source: Century 21 Canada

Canada’s most and least expensive places to buy – and guess where Toronto is

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Canada’s most and least expensive places to buy – and guess where Toronto is

Source: Century 21 Canada
Source: Century 21 Canada

In yet another potential dagger in the heart of prospective first-time homebuyers, a new study from Century 21 Canada underlines the growing affordability issue in Toronto.

The price-per-square-foot (ppsf) of downtown Toronto rose more than 10 per cent in the last year and continues to top Ontario home prices. Meanwhile, prices rose and fell turbulently in GTA suburbs and other communities in the province.

Source: Century 21 Canada
Source: Century 21 Canada

The ppsf of a condo in downtown Toronto rose to $903 from $819 last year, making Toronto Canada’s second most expensive city for homes, after Metro Vancouver. Meanwhile, the ppsf for a detached house in Markham and Richmond Hill each fell 24 per cent to $379 and $445 respectively, while condos in Peterborough rose to $255. Home prices in Ottawa and Guelph were more stable, rising 4.65 per cent to $225 and 4.5 per cent to $397 ppsf, respectively.

UNPREDICTABLE YEAR

“It has been an unpredictable year in Ontario housing prices, with the price per square foot rising and falling from community-to-community and even suburb-to-suburb,” says Brian Rushton, executive vice-president of Century 21 Canada. “Much like in Canada’s other major centres prices fall rapidly once you are outside the downtown core of Toronto, and homes in those communities remain relatively affordable. Even with an increase of almost five per cent, Ottawa remains one of the least expensive places to live in Ontario.”

Toronto’s rising prices are underscored in another survey earlier this year by Century 21 Canada, asking Canadians to rate their current living situation. The survey found only 39 per cent of Toronto residents are living in close to their ideal situation (eight out of 10 on a 10-point scale), while 13 per cent reported their situation is far from ideal. At 26 per cent, a large number of Toronto residents say an apartment or condo is their ideal living situation.

RELATED READING

New condos in Toronto hit record high in prices

Canadian housing market to moderate in 2019 but growth to continue in Ontario and Toronto

Home prices and affordability still a concern – CMHC Mortgage Consumer Survey

5 steps to solving the housing affordability issue in Ontario

 

 

 

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GTA 2019

7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

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7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

GTA 2019

By Wayne Karl

GTA homebuyers, we have some good news and some bad news.

First, the good news: You live in one of the most desirable areas and housing markets in Canada – maybe even the world.

The bad news? That affordability challenge we’re all facing.

“The affordability issue is not going away,” PricewaterhouseCoopers says plainly, in its Emerging Trends in Real Estate 2019 report.

Why? See point number one.

“Potential homebuyers will need to alter their expectations and possibly delay entry into homeownership,” Dana Senagama, manager, market analysis for Canada Mortgage and Housing Corp. (CMHC), told Homes Publishing.

Not exactly the most hopeful outlook for those – especially first-timers – looking to buy a home in and around the GTA.

But it’s not all bad. Let’s look at what’s going on in the market, and what would-be buyers can do to help their cause.

1 Return to price growth

Following the introduction of the Ontario Fair Housing Plan in April 2017, recent interest rate hikes and other changes, sales and prices in the GTA have seen some moderation.

But the slowing will be short-lived, Senagama says. Key economic fundamentals such as population and employment growth will continue to drive housing market demand, but the supply of new homes is not being addressed. The result? A return to price growth.

“CMHC is working on data gaps like supply with many industry stakeholders and partners,” she says. “Currently, we are participating in a working group with the province of Ontario to find solutions and best practices.”

PwC says the region is feeling the effects of demographic shifts. Millennials have begun to compete with Baby Boomers for real estate, and over the next decade, almost 700,000 first-time buyers will target the GTA or Hamilton markets, according to a May 2018 report from the Ontario Real Estate Association.

2 Risk of overvaluation

Senagama cautions, however, that the Toronto market is still showing signs of overvaluation.

“This happens when house price growth is surpassing the population and income growth. So, despite some of the moderation you’re seeing, we’re still calling for a high degree of vulnerability in Toronto in the foreseeable future.”

3 Inelastic supply

The GTA housing market is characterized by inelastic supply. “Supply is slow to respond to any change in price, and we’re seeing that time and time again,” she says.

Recent research from CMHC and Altus Group, in fact, shows that of the lowrise new home projects that were started in 2016 and 2017, it took 15 years for those developments to go from the initial land purchase to product hitting the market.

Supply response
Source: CMHC

 

“We have a problem, in terms of supply.”

With very limited new home supply hitting the market, once buyers get used to temporary shocks to the system brought on by policy issues and rising interest rates, they return to buying homes, which in turn drives up prices.

4 Condo demand

With lowrise home prices enjoying spectacular growth in recent years, there was a compositional shift in demand toward less expensive product – namely condos – particular among first-time buyers.

But now, with price growth even in this category – with average condo prices rising 8.4 per cent year-over-year to $552,269 in the third quarter this year – and pre-construction units in the $700,000 range…

“These are not price points for first-time buyers,” Senagama says, “so we’re still looking at very high prices across the GTA.”

5 Mortgage rates

The Bank of Canada has already raised its influential overnight rate target three times since July 2017, to 1.5 per cent from 0.75 per cent. Experts expect at least one more increase this year, possibly as early as the next rate announcement on Oct. 24.

A more moderate pace of rate increases could impact the market, but not significantly since the majority of mortgage holders are on fixed-rate mortgages, CMHC research shows.

6 Rental market

Any discussion about affordability needs to include the rental market, Senagama says. “Much like the ownership segment, supply is a huge constraint in the Toronto rental market.”

Rental

With the average vacancy rate in the GTA 1.1 per cent, and 0.7 per cent for condo rentals, rental rate increases are picking up steam. “Because we have a supply problem. And because we don’t have enough supply of the purpose-built rental units, the gap has been filled in by the condo market.”

About 33 per cent of all condos in Toronto are being rented out by investors, according to CMHC. This results in renters paying a much higher premium to rent a condo versus a purpose-built apartment – on average 50 per cent more, for a two-bedroom unit.

“We talk about affordability, and this raises so many other concerns, especially in a market that is supply-strapped,” Senagama says.

7 Catch 22

investors are buying into the condo market to rent out their units, taking advantage of the tight rental market. But first-time buyers – who typically aren’t equity-rich or wealthy – have to compete for available condo product, which again drives up prices.

 

 

5 REASONS TO BUY A HOME NOW (OR AS SOON AS YOU CAN)

1 Affordability

More supply of new homes is a big part of the solution. But despite ongoing lobbying from the housing industry, and apparent increasing awareness of new elected municipal leaders, this problem won’t be solved overnight. It will take time. Lots of it. In the meantime, as PricewaterhouseCoopers says: The affordability issue is not going away. It might even get worse before it gets better.

2 Market moderation waning

With little relief on the supply side expected, price growth will continue to be strong, even if somewhat muted compared to the double-digit increases seen over the last few years. In short, the longer buyers wait, the more it could cost you.

3 Interest rates

Experts expect at least one more increase this year, possibly as early as the next rate announcement on Oct. 24. To protect yourself against a more moderate pace of rate increases, consider a fixed-rate mortgage product.

4 Pent-up demand

Buyers believe prices are going to increase, but not to the same degree we’ve seen in recent years. This will lead to pent-up demand, which when released over the next year, will contribute to increasing buying activity and rising prices. So, if you’re able to buy before then, you could beat the rush.

5 Rental market

If you’re a Millennial planning to move out of home and into the rental market, consider this: Toronto is the most expensive Canadian rental market, with average rates for one-bedroom units at slightly more than $1,900 per month (up 2.8 per cent from August to September); $2,374 for two-bedrooms (up 7.1 per cent). Try saving up for a down payment at those rates; maybe staying at home a little longer isn’t so bad after all.

Wayne Karl is Senior Digital Editor at Homes Publishing. wayne.karl@homesmag.com 

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5 steps to solving the housing affordability issue in Ontario

5 affordable neighbourhoods for detached homes in 416 and 905

Vast majority of GTA Millennials fear buying a home is out of reach, poll says

GTA housing market correction coming to an end, ReMax says

 

 

 

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Mortgage

Home prices and affordability still a concern – CMHC Mortgage Consumer Survey

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Home prices and affordability still a concern – CMHC Mortgage Consumer Survey

Mortgage

Rising home prices and affordability continue to weigh on prospective homebuyers, according to Canada Mortgage Housing Corp., in its 2018 Mortgage Consumer Survey.

Indeed, for first-time buyers, price and affordability are the most important factors they consider when buying a home – more than type of neighbourhood, proximity to work and overall condition of the home.

While decreasing steadily for four consecutive surveys, more than one-third (37 per cent) of homebuyers continue to feel concern or uncertainty when buying a home. “Concerns related to affordability top the list with more than 50 per cent of concerned buyers worrying about paying too much for their home while nearly one-third worry about rising interest rates and mortgage qualification,” the survey says.

Other survey highlights include:

  • Eighty-five per cent of first-time buyers spent the most they could afford on their home purchase.  However, a majority (76 per cent) are confident that they will be able to meet their future mortgage payment obligations.
  • Sixty per cent of first-time buyers and 69 per cent of repeat buyers indicated that, if they were to run into some financial trouble, they would have sufficient assets (such as investments and other property) to supplement their needs.
  • About 50 per cent of homebuyers agreed they would feel comfortable using more technology to arrange their next mortgage transaction. However, the majority agree it is important to meet face-to-face with their mortgage professional when negotiating and finalizing their mortgage.
  • Slightly more than half (52 per cent) of homebuyers were aware of the latest mortgage qualification rules. About one in five first-time buyers indicated the rules impacted their purchase decision with most opting to decrease non-essential expenses, purchase a less expensive home or use savings to increase their down payment.
  • Consumers continue to show confidence in their homebuying and mortgage decisions, with 80 per cent believing that homeownership remains a good long-term financial investment and 66 per cent believing the value of their home will increase in the next 12 months.
  • More than one in five (22 per cent) first-time buyers were newcomers to Canada and almost 50 per cent were millennials (aged of 25 to 34), down from 60 per cent in 2017.

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5 steps to solving the housing affordability issue in Ontario

Build For Growth: Housing Affordability

Higher Rates and New Rules Cooling the Condo Market

 

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Detached homes

5 affordable neighbourhoods for detached homes in 416 and 905

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5 affordable neighbourhoods for detached homes in 416 and 905

Detached homes

by Wayne Karl

Looking for a detached home in the GTA and not sure where to look? Despite what recent reports would have you believe,  there are still some affordable neighbourhoods for single-family homes in the 416 and 905 areas.

Affordable being a relative word, of course, as compared to average prices. As of Sept. 30, 2018, the average price of a detached home in the GTA is $1.01 million – $1.34 million in the 416, and $905,722 in the 905.

Indeed, there’s been no shortage of stories recently about the challenges of the housing market – namely supply, pricing and affordability – on both the resale and new homes sides of the market.

The most recent, in fact, coming this morning.

“While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment,” Toronto Real Estate Board President Garry Bhaura said Oct. 3 in releasing TREB’s Market Watch Report for September. “As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region.”

For the purposes of this story, let’s focus on resale homes. (We’ll prepare a follow-up focusing on new detached homes in a subsequent report in the coming days.

First, let’s look at some of the hottest areas of the GTA in terms of price growth.

Top five GTA neighbourhoods for price appreciation

Detached homes in 2018
NEIGHBOURHOOD Q1 Q2 % Change
Palmerston-Little Italy,
Trinity-Bellwoods $1.60M $1.87M 17
Brock $498,966 $573,951 15
The Beaches $1.32M $1.50M 13
Edenbridge, Humber Valley, Islington $1.43M $1.57M 10
Georgina $538,817 $590,255 10
Source: ReMax Integra Ontario-Atlantic Region, TREB

 

Double-digit price growth in one quarter is fantastic if you currently own in any of these areas. But if you were hoping to buy there, your purchase price just got a lot more expensive in a matter of months.

Now, let’s take a look at some of the comparatively more affordable areas for detached homes in the GTA.

 

MOST AFFORDABLE NEIGHBOURHOODS IN THE 416

Detached homes, Q2 2018
NEIGHBOURHOOD Average Price
West Humber, Claireville, Rexdale-Kipling,
and Thistletown-Beaumond Heights $732,854
Bendale, Woburn and Morningside $742,670
Malvern, Rouge $752,292
Rockcliffe-Smythe, Keelesdale-Eglinton West, Weston $783,141
Downsview-Roding, Glenfield-Jane Heights, Black Creek $859,215
Source:  ReMax Integra Ontario-Atlantic Region, TREB

 

MOST AFFORDABLE NEIGHBOURHOODS IN THE 905

Detached homes, Q2 2018
NEIGHBOURHOOD Average Price
Essa $547,970
Oshawa $556,309
Brock $573,951
Clarington $585,562
Georgina $590,255
Source: ReMax Integra Ontario-Atlantic Region, TREB

 

As you can see, some of the still-affordable areas for detached homes in the GTA – such as Brock (Durham Region) and Georgina – are also performing well in terms of price growth.

Durham Region, Simcoe County and Dufferin County, in short, are hot.

In particular, Brock  and Essa (Simcoe County), Burlington, Halton Hills, Brampton, Orangeville and Scugog are all showing promise in detached home price growth, according to ReMax Integra, Ontario-Atlantic Canada Region.

“After an extended period of housing market inertia, the floodgates are breaking open,” says Christopher Alexander, executive vice-president and regional director, ReMax Integra. “Upward movement in detached housing values and the threat of additional interest rate hikes in the future are prompting homebuyers to get off the fence and into the market. Rising consumer confidence, job security and an economy firing on all cylinders should continue to support healthy home-buying activity in the GTA for the remainder of the year and into 2019.”

Next in this series, we’ll explore some of the new home developments and buying opportunities in some of these areas, as well as those for multi-family homes and condos.

Wayne Karl is Senior Digital Editor at Homes Publishing. wayne.karl@homesmag.com

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