Some of the best deals in the Greater Toronto Area real estate market for detached homes can be found in York Region, according to a new report released by RE/MAX of Ontario-Atlantic Canada.
“Savvy first-time buyers looking for the best deals in the GTA are likely to find them in York Region, where the dollar seems to stretch further,” the RE/MAX blog said.
Newmarket has seen the second-largest increase in sales in York Region, at 28.4 per cent, with 429 units sold this year from January to June, compared to 334 sold during the same period in 2018.
However, the average detached housing value in Newmarket has dropped 3 per cent — from $881,624 to $854,810 — while prices were up in 51 per cent of markets in the GTA between January and June 2019, compared to the same period one year ago.
Detached home sales were up in almost 88 per cent of markets in the first half of 2019.
With an average price of $1,380,253 for a detached home, Richmond Hill ranked sixth in the GTA, up 36.1 per cent to 615 sales.
The north end of the GTA appears to be in recovery mode, having been particularly hard-hit in the correction, according to the report.
“With recovery well underway in the detached housing segment, the residential real estate market is starting to fire on all cylinders,” says Christopher Alexander, executive vice-president and regional director, RE/MAX of Ontario-Atlantic Canada.
“Detached housing is finally back on track, with year-to-date sales almost 17 per cent ahead of last year’s levels, signaling a return to more normal levels of home-buying activity,” Alexander said.
“Market share is also climbing, with detached homes now representing 45.7 per cent of all home sales in the Greater Toronto Area, up from 43.1 per cent one year ago.”
RE/MAX examined trends in 65 Toronto Real Estate Board (TREB) districts and found that the 905 area saw the greatest increase in home-buying activity, with all 30 areas reporting rising detached home sales, and 43 per cent of 905 communities experiencing price appreciation.
Meanwhile, in the 416, just 20 of the 35 districts experienced an uptick in sales, while detached home prices increased in 57 per cent of neighbourhoods.
“The possibility of more relaxed mortgage rules down the road — in conjunction with today’s low-interest rate environment — may serve to spark up the GTA housing market yet again,” Alexander said.
While greater affordability remains the strongest catalyst in the uptick in detached home sales, the RE/MAX report found that location is an equally important component, as first-time and trade-up buyers move to secure prime real estate before values are on the move again.