Industry report shows 12 of 33 GTA municipalities had record-breaking average home prices for detached properties
House prices in Halton Hills have hit a new peak, according to a Real Estate report examining recent sales in GTA markets.
The Real Estate market in the Greater Toronto Area continued on an upward trajectory this summer, with August 2020 hitting a second month of record breaking sales following a slow spring market.
Every municipality in Halton Region noted an average detached home price at or near its peak in August 2020. In Burlington ($1,184,945) and Halton Hills ($1,046,213), average prices hit their highest levels on record, while Milton ($1,044,360) saw prices $7,603 lower than the July record price. Oakville recorded its third highest average home price for detached properties at $1,582,531 in August, according to a recent report.
In all, 12 of the 33 GTA municipalities examined saw record-breaking average home prices for detached properties in August.
With low borrowing costs, and improving economic conditions, GTA buyers jumped back into the market with a renewed look at their housing priorities. With more people spending the majority of their time at home over the past few months, some buyers are now seeking out larger properties with backyards or better access to green space, resulting in a shift in housing demand to municipalities where this format of low-rise housing is typically more accessible and available.
What will the future have in store for Real Estate prices? Only time will tell. The best way to prepare is to contact Stephen today.