By Remax

 

The bounce-back in single-detached home sales is contributing to an uptick in average price, with more than 50 per cent of neighbourhoods in the Greater Toronto Area reporting an increase in detached housing values the first half of 2019, according to a new report released by RE/MAX of Ontario-Atlantic Canada.

The latest RE/MAX report examined trends and developments in 65 Toronto Real Estate Board (TREB) districts, finding that detached home sales were up in almost 88 per cent of markets, while prices were up in 51 per cent of markets between January and June 2019, compared to the same period one year ago. The 905 area saw the greatest increase in home-buying activity, with all 30/30 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. While greater affordability remains the strongest catalyst in the uptick in detached home sales, RE/MAX has 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.

1. Leading in terms of percentage increase in the average price of a detached home is E01 in the city’s east end, comprised of North Riverdale, South Riverdale, Blake-Jones and Greenwood-Coxwell, where average price rose 15.2 per cent to $1,378,987.
2. Second place was claimed by downtown Toronto’s C01 area, which includes Trinity-Bellwoods, Palmerston-Little Italy, Niagara, Little Portugal, Kensington-Chinatown and Dufferin Grove, boasting a 12.8-per-cent increase in average price, bringing values to $1,953,511.
3. Perennial favourite blue chip neighbourhood Leaside and Thorncliffe Park ranked third with an 11.2-per-cent increase in detached housing values to $2,193,747.
4. Rounding out the top five are Scarborough’s E04 (Dorset Park, Wexford- Maryvale, Clairlea-Birchmount, Ionview and Kennedy Park) where price climbed 7.8 per cent to $836,585; and Toronto’s W02 (Junction, High Park North, Runnymede-Bloor West Village, Lambton-Baby Point and Dovercourt-Wallace Emerson-Junction) rose 7.1 per cent to $1,410,057.