Detached home values picked up in the second quarter of 2018 according to an analysis by RE/MAX INTEGRA, Ontario-Atlantic Region.
Price appreciation in Q2 was in double figures in many GTA neighbourhoods led by Palmerston, Little Italy, Trinity-Bellwoods (C01) which rose 17% quarter-over-quarter to $1,872,407.
RE/MAX’s Hot Pocket Report says that 75% of Toronto Real Estate Board districts showed price appreciation in the second quarter on a par or above that of the first quarter.
“While the stellar performance of the GTA’s condominium sector captured headlines throughout much of the year, detached housing sales and prices were quietly making a comeback,” says Christopher Alexander, Executive Vice President and Regional Director of RE/MAX INTEGRA, Ontario-Atlantic Region. “Second-quarter detached housing numbers from both a price and sales perspective suggest that the market has shifted yet again, with momentum building as homebuyers flex their muscles.”
Other hot pockets in the GTA include Brock with a 15% rise q-o-q to $573,951; and The Beach (E02) which gained 13% to $1,503,034.
Sales strong almost everywhere
Detached home sales increased in 97% of TREB districts quarter-over-quarter led by Lawrence Park North and South, Bedford Park-Nortown and Forest Hill North.
These neighbourhoods, making up the North Toronto neighbourhood of C04 almost tripled their sales volume compared to the first quarter.
There was also a 122% rise in sales in Mississauga quarter-over-quarter.
In the hottest neighbourhoods - Palmerston-Little Italy, Trinity-Bellwoods, Niagara and the waterfront communities - homes sold in an average of just 8 days while the overall average was 21 days.
"The GTA’s detached housing market has clearly stabilized after a rocky 12-month period,” says Alexander. “The frenzied home-buying activity of 2016/2017 is behind us. The new normal for Toronto and the surrounding communities is a relatively balanced housing market, with supply meeting demand. Given current economic fundamentals, we expect continued upward pressure on detached housing values throughout the remainder of the year.”
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