August was a big month for the detached home. We saw the largest price increase (17.7% from August 2015) out of all home types across the entire GTA. The detached home also experienced significantly increased number of sales with a 24% jump from August 2015. With the prices and sales volume increasing at double-digit rates, it goes to show the high demand for stand-alone houses. The price of a detached home in the GTA also hit an all-time high in August, creeping very close towards the 1 million dollar mark at $964,002.
The detached home price in the entire GTA (not just Toronto) is approaching a million dollars and the 905 areas continue to see higher home value (by %) increases year over year, compared to Toronto. I forecast this will continue to be the trend as Toronto home values catch up with other world class cities. This should continue to have a positive impact on values in the GTA and Southwestern Ontario as a whole.
Affordability concerns are forcing demand on condo apartments, which saw the highest year over year increase of sales volumes compared to any other home type in August. With a 34% jump in the number of sales in Toronto and a 29% increase in 905 areas in August this year compared to last. We are still seeing healthy condo price value increases at around 9%-10% y/y even with this increased activity.