Detached house prices hit their all-time peak in August in 12 of 33 GTA areas analyzed by online real estate website Zoocasa, but Newmarket was off the mark.
While the average detached house price in town rang in at just over $1 million ($1,050,862) in August 2020, there was a decline in price of $152,622 from February 2017, when prices hit their peak. That represents a 13 per cent decrease from the early 2017 peak.
Similarly, average detached house prices in York Region are down 11 per cent from their 2017 peaks.
“Despite eight of nine municipalities recording detached average home prices above the $1-million mark, not a single York Region municipality saw average home prices hit close to a peak in August 2020,” the Zoocasa analysis found. “In fact, for the region as a whole, the average home price was down $157,806 (-11 per cent) from the peak price of $1,466,236 in February 2017.”
Except for King Township, which hit its peak in October 2016 and recorded the most drastic decline of just over $500,000 in the average home price last month, all other local areas saw more than $100,000 drops.
Georgina remains the only region with a sub-million dollar average home price for detached properties at $731,183, which is 5 per cent or $35,090 lower than the peak price in May 2017, according to the report.
Following King, Richmond Hill noted the steepest decline in the average home price since the peak in April 2017, dropping 17 per cent or $320,893 to $1,563,178.
Rounding out the York Region municipalities with the largest average detached home price drops were Markham ($1,465,417) and Aurora ($1,259,424), where prices declined 15 per cent since their respective spring 2017 peaks.
In total, 18 municipalities across the GTA noted average home prices above the million dollar mark in August, compared to 12 regions this time last year.
These municipalities were concentrated in Toronto, Durham, Halton, Peel and York Region.
Zoocasa analysts reviewed monthly average detached house price trends in the 33 GTA municipalities using the latest data from the Toronto Regional Real Estate Board for August 2020.You can read the report here.