The suburbs outside of Toronto continue to be a region where prospective home buyers can get more bank for their buck. The Toronto Real Estate Board recently reported that the average single-family home sold for around $910,500 this March in the 905, compared to almost $1,270,000 in Toronto.
Really, the disparity for single-family homes is even greater than those numbers suggest, since if you want to live in central Toronto, instead of the east or west fringes of the city, it will likely cost you just over $2 million.
That’s likely why almost as many buyers are searching for detached houses in places such as Burlington.
Burlington real estate had 117 sales this March, compared to 175 in central Toronto. A single-family home is an average of $950,000, with large lots, easy commuting on the train to Toronto and a cute downtown. Burlington is also far less expensive for single-family homes than its closest neighbour, Oakville. Oakville real estate sells for around $1.35 million.
Other popular regions in the 905 include Brampton, which sold an incredible 394 detached homes this March, the most out of any area across TREB. Homes there are just $820,000.
Prospective buyers searching for bargains and able to drive into Toronto or work in the local region, are most likely to find something in their price range by heading to Durham Region. Single-family homes there, in towns like Ajax, Brock, Oshawa and Pickering can be found for an average of $600,000, which is less than the price of a condo in Toronto.
But these same buyers would do well to stay away from the pricier Vaughan area. Vaughan holds some of the most expensive cities in the Greater Golden Horseshoe: King City where houses go for over $1.2 million and Richmond Hill at over $1 million.
Now may be a good time for prospective buyers with the right finances in place to take the plunge, because TREB thinks prices are likely to rise this year, in both the 905 and the 416, because so few sellers are listing their homes.
“Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded,” says Jason Mercer, TREB’s Chief Market Analyst. “This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices.”
For the full story on Toronto home prices this March, check out the infographic below:
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Writer: Danielle KubesDisclaimer: All investing can potentially be risky. Investing or borrowing can lead into financial losses. All content on Bay Street Blog are solely for educational purposes. All other information are obtained from credible and authoritative references. Bay Street Blog is not responsible for any financial losses from the information provided. When investing or borrowing, always consult with an industry professional.