9 Ontario Regions Saw Annual Average Home Prices Rise Over $100K in June
As most of the province prepares to enter Stage 3 on Friday, it’s clear that life is slowly
starting attempting to return to normal. This is particularly true for the Greater Toronto Area housing market, which saw an impressive 83.8% month-over-month increase in activity in June, according to the latest data from the Canadian Real Estate Association (CREA).Leading up to June, as pandemic restrictions began to ease, more buyers returned to the market, and as a result, average home prices have started to increase, both on a national — up 6.5% year-over-year to almost $539,000 in June — and regional level. And, according to a new report from Zoocasa, the average home price in nine Ontario housing markets rose over $100,000 annually last month.According to Zoocasa, nine Ontario regions topped the list for seeing the highest dollar growth in home prices in June. Topping the list was Oakville, where the annual average home price increased a whopping $177,550 or 17% from last year to $1,249,685. Markham followed close behind, with the annual average home price growing to $171,726 year-over-year, an impressive 19% increase to $1,086,502.According to the report, five York Region markets posted not just six-figure annual average price growth, but double-digit rates of annual average price growth as well.
In addition to Markham, the average home price increased by $149,010 or 16% in Aurora to $1,068,255; by $136,466 or 13% in Vaughan to $1,154,352; by $130,514 or 12% in Richmond Hill to $1,213,191, and by $117,193 or 15% in Newmarket to $889,534.
Although the average home price increased substantially in these York region markets, Zoocasa says sales in June have yet to catch up to last year’s levels – particularly in Richmond Hill, which had the largest sales gap, with transactions still down 17% from last year.
Mississauga, Halton Hills, and the City of Toronto rounded out the list of regions where average home prices grew in the six figures annually. Average home prices rose by $140,265 in Mississauga, $111,183 in Halton Hills, and by $106,657 in the City of Toronto.
Here in Toronto, the average home price reached $1,022,138 in June, a 12% increase from this same time last year. While Toronto saw the ‘lowest’ price increase out of the top nine regions, it did have the most sales in June, with 2,830 properties changing hands last month.