Toronto’s house market has cooled quite a bit in the past few months, as prices dropped 18 per cent between April 2017 and February 2018. But some GTA markets have managed to buck the trend, with steady price growth over the last year.
According to a new report from Zoocasa, prices have been rising for five consecutive months in Toronto’s Rexdale-Kipling and West Humber Clairville neighbourhoods.
“While the aggregate data indicates a plunge, the reality is real estate price conditions are extremely local, especially in Canada’s largest city,” reads the report. “In fact, recent month-over-month data indicates that, by all measures, the city is in for a robust spring market, with multi-offer and bidding war situations once again the norm.”
Zoocasa measured sold prices and sale numbers from February 2017 to February 2018 to find the GTA’s hottest neighbourhoods. Other areas seeing a spike in prices? The Milliken and Agincourt neighbourhoods have had rising prices for four months in a row, while prices in the Yorkdale-Glen Park and Weston neighbourhoods have risen for three months.
“There’s a lot of excitement at the moment and buyers are out,” writes Zoocasa CEO Lauren Haw, in a statement. “There are pockets of the GTA, especially certain neighbourhoods in Toronto, where we’re seeing fierce bidding wars — and other parts where conditions are more balanced.”
The Toronto Real Estate Board’s (TREB) latest data release seems to backup Zoocasa’s findings. Home prices were up 4.2 per cent month-over-month in February, while sales jumped 29 per cent month-over-month.
“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year,” writes TREB director of market analysis Jason Mercer, in the board’s latest report.