The average price of a property on the GTA’s outside reaches $1.2 million, according to TRREB

In November, the average home price in the outer GTA hit a new record, reaching $1.2 million for the first time.

The Toronto Regional Real Estate Board (TRREB) released its monthly GTA sales report for November on Friday, finding an increasingly expensive average in Toronto’s suburbs. The new average of $1,207,310 is a significant increase above the $943,392 average seen just a year ago.

Toronto had a significantly lower average selling price in November, at $1,096,735 — down $117,276 from November 2020. However, costs vary greatly depending on the type of housing you want to buy. For example, the average condo apartment sold for $745,951; detached houses, on the other hand, sold for $1 million more on average, at $1,807,983.

The total GTA average was $1,163,323, which included Toronto and the surrounding towns.

During the epidemic, homebuyers flocked to the areas surrounding Toronto in search of more space at lower prices. However, due to a scarcity of product and fierce competition, prices have skyrocketed.

The Durham Region, which includes Oshawa, Whitby, Ajax, Pickering, and Uxbridge, has witnessed the most significant price increases across all house categories. Prices have risen by 40.14 percent in the last year.

With a 34.81 percent increase, South Simcoe County, which includes communities like Innisfil and Bradford West Gwillimbury, has witnessed the second-highest growth. The Halton Region, which includes Oakville, Burlington, Milton, and Halton Hills, came close behind, with a year-over-year gain of 33.73 percent.

“The GTA remains the primary destination for new immigrants and is at the centre of the Canadian economy,” Crigger said. “For far too long, governments have focused on short-term bandaid policies to artificially suppress demand. Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid-density housing, ongoing housing affordability challenges will escalate.”

With rising costs forcing aspiring homeowners out of what was once a more affordable market, TRREB President Kevin Crigger believes the government will need to intervene far more than it does now to ensure homeownership remains available.

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