Durham Region – led by Uxbridge and Whitby – report highest GTA house price increases
Published August 9, 2021 at 7:22 pm
Home prices rose a whopping 31.53 per cent in Durham Region last month over July 2020, the biggest hike by far in the GTA.
Figures released by the Toronto Region Real Estate Board (TRREB) show Durham led across the board last month with a 31.76 increase in detached home prices, 32.1 increase in semi-detached houses and a 22 per cent spike in apartment prices.
Halton was the only other region that saw double-digit increases in apartment prices.
The news may be good for sellers but with the need for affordable housing being prominent in Durham, the news is not great for first-time buyers.
Nonetheless, TRREB said first-time buyers were “very active” in the marketplace and pointed to intense competition – especially from new Canadians – as a reason for the ownership demand “well above” seasonal averages in what is clearly a seller’s market.
“There is a huge backlog of people seeking citizenship or permanent resident status in Canada (and) a large share of these newcomers will ultimately choose to call the GTA home,” said TRREB CEO John DiMichele. “This means ownership and rental market conditions will remain tight with upward pressure on prices for the foreseeable future.”
Uxbridge ($1,281,923) and Whitby ($1,003,790) were the only two communities with average selling prices of more than a million dollars.insauga's Editorial Standards and Policies