A lot of talk often surrounds the booming Toronto Real Estate market and the constant increase in housing prices, for now anyways. But to the surprise of many, 2016 has brought a significant increase in the Real Estate market for houses within the GTA. In January 2016, the price of homes with in the GTA have already increased 8.2% from the previous year.
Although the GTA is off to an excellent start to the year, this increase in housing prices did not solely begin in 2016. In 2015, the average price of a standard detached home located in various parts of the GTA, rose a significant 20.9%, which dominated the price incline of a detached home within Toronto, which only increased 11.6% throughout 2015.
However, the price surge throughout the GTA is not to be confused with the price of homes located in the GTA and homes located in Toronto. As the average price of a detached home in Toronto is significantly higher than homes in the GTA. The average cost of a home located in Toronto is $1.6 million, whereas the average price of a home within the GTA is only around $763,000.
For more on the booming GTA Real Estate market, here is the link to the informative article, originally published in The Globe and Mail.