Toronto’s housing downturn is not being felt equally across the region, with many neighbourhoods still seeing the prices of detached houses climb even while the average price falls across the Greater Toronto Area.
A new report by realty firm Re/Max Integra shows that 40 per cent of 65 districts within the Toronto Real Estate Board recorded detached house price increases in the quarter ended June 30 compared with the first quarter of 2017, including almost half of all the districts in the 905 regions surrounding the city of Toronto.
The data suggest the GTA is facing an uneven downturn in house prices that is not being felt to the same extent in some hot neighbourhoods or in certain areas with generally lower prices that remain attractive to first-time buyers.
Tool: Look up home price trends in your neighbourhood
The numbers also support predictions that Toronto’s recent downturn in house prices may reverse course later this year.
Canada Mortgage and Housing Corp. is already anticipating a shift in the Toronto housing market, according to Dana Senagama, a principal market analyst for Toronto. She said the sales downturn in response to new housing measures announced by the Ontario government in late April already seems overblown in light of the region’s economic fundamentals.
Continue to read on.The Globe and Mail