Taking a story tour through the Greater Vancouver Area real estate “hot” spots not so long ago opened our eyes to the current housing climate across the region and helped us learn about what made each place unique and what factors may have contributed to the particular housing trends. We learned more about Metropolitan Vancouver, then moved around the city to different areas within the region, like Richmond, Surrey, Coquitlam, and more. Over the next few weeks, let’s do a similar investigation into the biggest city area in the country: the Greater Toronto Area.&nbsp;&nbsp;Some areas of interest within the Greater Toronto Area include the City of Toronto, York Region, Durham Region, Halton Region, and Peel Region. Major cities include Metropolitan Toronto, Markham, Vaughan, Newmarket, Brampton, Mississauga, Pickering, Oshawa, Ajax, Oakville, Burlington, and many more. Like last time, we will consider the character of some of these cities, what they are known for, and what their housing market looks like.&nbsp;&nbsp;Let’s talk about how the region looks in general. According to CVT Toronto, in the first quarter of this year, the yearly house price in the Greater Toronto Area was up 5.2% from the year prior, resting at $1,177,700. They also state that the median price of a single family detached home had increased 3.9% from the year prior, currently being $1,454,800. The median price of condos in the region also increased, with an increase of 3.7% at a median price of $733,600.&nbsp;&nbsp;We can do a quick comparison with the Greater Vancouver Area. The average house price in the area was $1,302,794, a 0.6% increase from the year before. The average detached home sits at $2.18 million, a 1.1% decrease front the year before. The average condo price increased 0.9% annually and is at $811,000. The average attached home price increased too at 4.8% annually, now at $1.28 million. The prices in Vancouver are still staggeringly high.&nbsp;&nbsp;According to CBC as of April 2024, GTA house prices are predicted to exceed Vancouver house prices. The average home price increase in the Greater Toronto Area was 6% in the first quarter of 2024. Experts expect a 10% increase by the end of 2024. CBC states the reason for this, according to Royal LePage, are “high demand, low supply, and an influx of new Canadians.”&nbsp;&nbsp;They also state that home buyers are not expecting borrowing rates to decrease anytime soon, however, others are predicting rate moves as early as June, or possibly, in July 2024 as Bank of Canada may use their June meeting to plan and hash out the rate cuts.&nbsp;&nbsp;CTV agrees that even though Vancouver is Canada’s most expensive housing market, Toronto is currently nor far behind and is likely to surpass the Greater Vancouver Area by the end of the year.&nbsp;&nbsp;Stay tuned until next week where we investigate the intricacies of this issue by diving into different places within the Greater Toronto Area.&nbsp;&nbsp;

GTA Housing: A Closer Look 

Let’s take a GTA housing market tour in insightful journey through the Greater Toronto Area.  

About RIFO

Business

Investors

News

Contact Us

Contact Us