York Region All-Time High Selling Market
By Lisa Queen
The average price of a resale home in York Region increased by 13.5 % in 2015 to $777,927. It jumped from $491,883 for the average resale home five years ago.
Meanwhile, the price is almost 70 % higher than what the province deems is the maximum affordable home-ownership threshold for the region. Which was at $459,000 in 2015.
The gap between this affordable threshold and the average resale price has increased considerably over the last few years, not including the price of new homes, which sat at an average of $987,106 at the end of 2015. If it did, the gap between the affordable housing threshold and the cost of buying a home in York Region would be even higher.
The typical price of a resale home in the region is 25 % higher than the Greater Toronto Area, where the average is $622,217.
The region continues to show a strength in the residential resale market, recording the highest number of resales ever in 2015 at more than 19,100 sales.
The average price of a resale single detached home in York in 2015 was $943,411. up 15 % over 2014, for a semi-detached home, the average price last year was $606,779. Up 13.8 % over the year before, and for the average townhouse, it cost $575,427. Up 12.2 %.
These prices can be attributed to a number of issues, including a lack of supply (houses for sale) compared to demand, resulting in more competition and aggressive offers.
We are experiencing sellers’ market conditions in York Region, along with all the other regions in the Greater Toronto Area.
Though, all those inflated house prices may not be good news if you are purchasing elsewhere in the region where prices are also high or you are a first-time buyer trying to get your foot in the door of York’s hot housing market.
Meanwhile, building permits were issued for 9,546 new houses in York last year, a 51 % increase over 2014.
The region has the second highest share of building activity in the GTHA at 22 %, only falling behind Toronto’s 36 %. Peel Region is at 19 %, Halton Region is at 9 %, Durham Region is at 8 % and Hamilton is at 6 %.
Nationally, York is fifth in the number of residential building permits issued last year, behind Greater Vancouver, Toronto, Edmonton and Calgary.
The 2015 total construction value in the region was almost $4 billion, the highest ever recorded.
In terms of the numbers of new residents, the majority of growth still remains in Markham, Richmond Hill and Vaughan, which took in more than 17,000 of York’s 21,500 new residents.