Condo and detached homes prices are continuing to rise in the GTA

Recent reports have revealed the current state of the condo and detached home market in southern Ontario, specifically, how inventories are skyrocketing and properties are not selling.  

As a result of ongoing trends, real estate experts at Zoocasa have been monitoring fluctuations in the ongoing landscape of stagnant listings. 

According to Zoocasa, the results, are a little over the place, as each municipality in Ontario has individual inconsistencies surrounding price fluctuations for condos and detached homes. 

Using benchmark data, collected on behalf of the Canadian Real Estate Association (CREA), detached home prices in the GTA have seen an over five per cent increase, as the average price in January of this year was $1,276,800, with the June average hovering around $1,343,400. 

As for condos, the margins are a little smaller, as the average condo price in the Greater Toronto Area was sitting at $665,200 in January and is now at a $683,700 price point as of June — indicating a nearly three per cent increase. 

Zoocasa indicates that most would-be buyers in the GTA put their plans on pause in the spring, in an effort to wait out further interest rate cuts. However, this did not slow price growth in most markets — as indicated in the data above. 

However, several regions in Ontario saw less than a one per cent increase, which included Hamilton, Burlington, Ottawa, Niagara Region and Windsor-Essex, indicating that price fluctuations in the GTA do not necessarily set a standard for the rest of the province.