When the COVID-19 pandemic and associated lockdown hit, no one quite knew how the red-hot housing market would fare in the face of mass layoffs and economic uncertainty.
Six months into the crisis, house prices in Brampton and surrounding cities are up year-over-year, with the low-rise market experiencing significant price growth as residents–fearing another lockdown and planning to work from home indefinitely–flee from condos in search of larger yards and a little additional space.
Given the thirst for larger homes, it’s not surprising that detached house prices in Brampton hit a record-breaking high in August 2020–and the city isn’t alone.
Zoocasa, a real estate website and brokerage, reviewed average detached house price trends in 33 GTA municipalities or regions and found that detached house prices are up throughout the GTA.
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Zoocasa says 18 municipalities across the GTA noted average home prices above the million-dollar mark in August, compared to 12 regions this time last year.
“Our analysis showed that there was a significant rise in average detached home prices across several Toronto regions, with a number of cities hitting their peak average detached price, or close to it, last month,” Jannine Rane, Zoocasa’s Head of Communications, said in a report.
Zoocasa says that both the Durham Region ($813,740) and the Halton Region ($1,283,651) saw average detached home prices peak in August. While the Peel Region (Brampton, Mississauga and Caledon) as a whole did not reach a new average price high, both Brampton and Mississauga noted their highest average home price on record for detached properties.
In Brampton, the average detached home price climbed from $857,241 in August 2019 to $989,039–a $131,798 difference.
In nearby Mississauga, the average detached home price climbed to $1,307,832–up $244,303 from an average price of $1,063,529 in August 2019.
In nearby Halton, every municipality saw big price gains. Zoocasa says that in Burlington ($1,184,945) and Halton Hills ($1,046,213), average prices hit their highest levels on record, while Milton ($1,044,360) saw prices $7,603 lower than the July record price.
Oakville recorded its third-highest average home price for detached properties at $1,582,531 in August.
Despite 8 of 9 municipalities recording detached average home prices above the $1,000,000 mark, not a single York Region municipality saw average home prices hit close to a peak in August. In fact, for the region as a whole, the average home price was down $157,806 (11 per cent) from the peak price of $1,466,236 in February 2017.
For the City of Toronto as a whole, the average detached home price of $1,505,100 in August was $73,442 (or 5 per cent) lower than the peak price in April 2017.
Zoocasa says monthly average prices were sourced from the Toronto Regional Real Estate Board.