Home prices in Mississauga, Brampton, Hamilton and across the GTA continue to skyrocket, increasing by nearly 28 per cent the first three months of this year compared to the same period in 2021, a Royal LePage survey shows.
Released today (April 19), the Royal LePage House Price Survey indicates the aggregate price of a GTA home rose by 27.7 percent in the past year, to $1,269,900.
It marks the highest gain on record since Royal LePage began tracking aggregate prices, the real estate company says.
By housing type, the survey shows the median price of single-family detached home prices increased by 29.7 percent, to $1,588,900, while the median price of a condominium increased by 21.7 per cent, to $764,200 during the same period.
“Demand for housing in Toronto and the surrounding region remains strong. Despite a slight increase in new listings in recent weeks, competition is still very tight among buyers looking to
enter the market ahead of further interest rate hikes,” said Karen Yolevski, chief operating officer of Royal LePage Real Estate Services Ltd. “The condo market is particularly competitive, as some former residents are returning to the city due to return-to-office mandates and first-time buyers looking to enter the market at a more affordable price point.”
Yolevski noted that the number of offers listings receive appears to be decreasing in some areas, although inventory remains at historic lows, continuing to spur buyer competition.
The Ontario government tabled a new housing bill last month with several initiatives aimed at speeding up municipal approval processes for development and allowing more four-to-six-storey
residential buildings, Royal LePage adds.
“While new policies aimed at improving real estate market conditions for buyers will take years to produce results, I commend the Ontario government for taking action to increase supply through needed densification. In Toronto, this will give young homebuyers hope that they will be able to purchase a property in the future,” said Yolevski.
Looking down the road, Royal LePage is forecasting aggregate home prices to continue rising dramatically this year, predicting a 16.5 per cent increase in the fourth quarter of 2022 compared to the final three months of 2021.
Nationally, Royal LePage’s survey shows the aggregate price of a home in Canada increased by 25.1 per cent, to $856,900, from the first quarter last year to the early portion of 2022.
Royal LePage is also forecasting a continued strong seller’s market the remainder of the spring.
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