The highest average home price in the GTA isn't actually in Toronto
It's no secret that the Toronto real estate market is bonkers right now, with prices and sales numbers continuing to rise, unhindered by the global pandemic.
The average cost for a detached house in the city hit more than $1.5 million in the fall, and then last month, the average cost of a home in general here hit a new record of just shy of $1 million, putting us among the top five least affordable places to buy a home in the world.
Move people. Just move. To any other Province!— Knitwit (@ChefWendyB) March 2, 2021
GTA prices overall — including but not limited to the city proper — have shot up over the million mark this year thanks to some more expensive locales around the downtown core, including one town in the area that takes the prize for the most expensive.
That municipality is King, an hour drive north of T.O. in nearby York Region, where the price of a home of any type, on average, is $2,110,214 as of February, according to new numbers from the Toronto Regional Real Estate Board.
Detached homes in particular in the town go for around $2,207,538 — not too much more than the broader average, indicating that condo and townhouse living isn't really as much of a thing in King.
House prices are ridiculous in GTA (even Hamilton)...if and when I buy a house I'm pretty sure my house will be owning me instead. My generation is screwed. $1.2MM for a regular home in Burlington! @JustinTrudeau— 🏥Albert Tai (@alberttai) March 5, 2021
These prices are up a staggering 59 per cent from the same time in 2019, showing how much the market has really heated up lately.
Prices in York in general were up 23.3 per cent year-over-year last month, hitting an average of $1,206,000, while in Toronto, this number was only 0.8 per cent higher thanks to a slightly softer condo market that is set to rebound quickly.
I know many people who have moved out of the GTA, and surrounding cities. Good prices for home, then taking off up north. Only the rich elites will live in those areas. Their sorry asses won’t have any working class to shine their shoes.— Freedom Fan (@freedom_fanny) March 10, 2021
With so many people opting to leave Toronto to seek out more space and cheaper prices during lockdown and the work-from-home era, there are clearly some communities that you may want to avoid if you're looking for a deal — but also many that are still extremely affordable, at least for now.
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