This is where home prices are holding steady or still going up in Ontario
While successive interest rate hikes and broader global uncertainties have cooled the housing market, the demand for properties in some sought-after neighbourhoods in the Greater Toronto and Vancouver areas continues to hold steady and even increase, according to a new report.
RE/MAX Canada's 2022 RE/MAX Hot Pocket Communities Report looked at unit sales and average prices in the first and second quarters of 2022 in 60 Toronto Regional Real Estate Board districts, 16 regions within the Real Estate Board of Greater Vancouver, and six areas in the Fraser Valley Real Estate Board.
In Toronto, the W09 district, which is home to Kingsway Village, The Westway, Humber Heights, and Willowridge-Martingrove-Richview, saw the biggest year-over-year average price increase for detached properties at 35.2 per cent. The average price of buying a detached property in this area is $1,551,803.
The worst performing area in Toronto is C01, which includes Dufferin Grove, Little Portugal, Trinity-Bellwoods, Palmerston-Little Italy, Niagara, University, Kensington-Chinatown, Bay St. Corridor, and Waterfront Communities. That district saw a -0.7 annual decline in detached property sales. The average price of buying a detached property in this area is $2,127,268.
- Download our app to get local alerts to your device
- Get the latest local updates right to your inbox
From the first to the second quarter of 2022, Toronto’s W02 district (High Park north, Junction Area, Runnymede-Bloor West Village, Lambton-Baby Point, Dovercourt-Wallace, and Emerson-Junction) saw the greatest increase in the city with 7.3 per cent, while C08 (Waterfront Communities, Moss Park, Cabbagetown-South, St. James Town, and Church-Yonge Corridor) recorded an 18.8 per cent decline in sales.
In York Region, the best district year over year was King, which saw a 24.1 per cent increase, while the worst was Richmond Hill at 12.2 per cent.
From Q1 to Q2, Aurora was the best at -7.2 percent, while Stouffville was the worst at -22.3 per cent.
Over in Durham, Scugog was the best district for average detached property sales, while Uxbridge was at the bottom of the list with a 12.7 per cent increase.
From Q1 to Q2, Pickering was the best at -10.3 per cent, while Brock was the worst at 19.4 per cent.
Brampton tops the list in Peel Region with a 26.2 per cent increase, while Mississauga is lowest at 15.5 per cent.
From Q1 to Q2, Caledon was the best at -7.3, while Brampton was the worst at 14.8 per cent.
In Halton, Halton Hills saw the greatest year-over-year increase in detached sales at 23.4, while Milton saw the least at 18.6 per cent.
From Q1 to Q2, Burlington was the best at -6.2 per cent, while Oakville was the worst at -15.6 per cent.
Orangeville, the only district in Dufferin Country, saw a 26.47 per cent increase year over year and a decline of 12 per cent from Q1 to Q2.
In the GTA, average prices held up fairly well in most central and west Toronto neighbourhoods, however Durham, Peel, York, Halton, and Dufferin saw some losses compared to gains that were seen in recent years.
“Given that the core has traditionally been more resilient, bolstered by strong demand, a finite supply of homes available for sale. Higher household incomes, and greater equity at the top end of the market, the results are not unexpected,” RE/MAX Canada President Christopher Alexander said in an Aug. 18 news release.
“The price softening was clearly more evident in suburban areas and the outer perimetres of the 416, most of which experiences strong upward momentum during the height of the pandemic as buyers sought to leave the city.”
Elton Ash, RE/MAX Canada’s executive vice-president, said despite the easing of prices, the “sky is nowhere near falling.”
“In fact, there is relative stability in terms of market conditions, so buyers shouldn’t expect big bargains. Sales-to-active listings remain squarely in balanced territory overall and even tight in some areas, he said.
“In Vancouver, for example, supply was lower this June than last in 50 per cent of markets and sales are down accordingly. This trend will likely keep prices fairly stable moving forward.”
Data on unit sales saw a lot of variation year over year with detached home sales rising by 40 per cent in the GTA markets surveyed in the second quarter of 2022. The vast majority of increases happened in the 416 are code, the report indicated.
Durham was also found to be a “hot spot” as half of its markets reported an uptick in home buying.
“For those buyers that were active in Q2, improved housing affordability due to easing prices and the threat of higher rates down the road clearly provided the impetus for many to leap into detached home ownership,” Alexander noted.
“Greater selection, particularly in coveted hot pockets, also played a significant role in April and May as the pandemic-fuelled buying spree drew to a close. Buyers locked into five-year fixed terms as the overnight rate hovered between one per cent in early April to 1.5 per cent in early June.”
In Toronto, W07 (Stonegate-Queensway) is the only district that saw zero movement in terms of unit sales, while the worst area is C10 (Mount Pleasant East and West), which saw a 41.6 per cent decline.
From Q1 to Q2, C11 (Leaside, Thorncliffe Park, and Flemingdon Park) was the best at 119.0 per cent, while C01 was the worst at -37.9 per cent.
In York Region, the best district for unit sales was Richmond Hill at -37.9 per cent, while King was the worst at -48.4 per cent.
From Q1 to Q2, King was the best at -7.0 per cent, while King was the worst at -36.8 per cent.
Over in Durham, Clarington was the best district for annual unit sales at -26.3 per cent, while Brock was at the bottom of the list with a 38.2 per cent decrease.
From Q1 to Q2, Scugog was the best at 48.3 per cent, while Brock was the worst at -43.3 per cent.
Caledon tops the list in Peel Region with a 37.7 per cent decrease, while Brampton is lowest at 42.1 per cent.
From Q1 to Q2, Caledon was the best at -3.1 per cent, while Brampton was the worst at -19.8 per cent.
In Halton, Burlington saw the greatest year-over-year detached unit sales at –21.0 per cent, while Oakville saw the least at -42.4 per cent.
From Q1 to Q2, Burlington was the best at -1.8 per cent, while Oakville was the worst at -14.7 per cent.
Orangeville, the only district in Dufferin Country, saw a -32.10 per cent increase year over year and a decline of 8.3 per cent from Q1 to Q2.
CTVNews.ca Top Stories
Jaqueline McDermott, 22, from Kitchener has been reported missing in B.C., and her family is putting out a plea across the country for help. McDermott was last seen by her vehicle after attending a meditation retreat. RCMP said her vehicle was found, but she was not in it or near it.
Cases of COVID-19 are increasing across the country again as fall progresses and winter approaches. But this respiratory pathogen season is different than last year's, experts say, so the public's approach should be different as well.
Wood from primary forests in British Columbia has been used to fuel the U.K.'s largest power plant, according to a BBC investigation; the company denies the allegations.
The Toronto Blue Jays' first foe in the playoffs is now official.
Scientists have uncovered an association between tumours and fungi, which may lead to a deeper understanding towards the biology of certain cancers.
The Invasive Species Council of B.C. is asking the public to report sightings of a 'highly toxic' plant that can leave people's skin blistered and burned – something one family recently learned the hard way.
Public safety minister defends Canada's proposed firearms legislation, says it's needed to end gun violence
Public Safety Minister Marco Mendicino told a House of Commons committee Tuesday that Bill C-21, the proposed legislation to further restrict access to handguns in Canada, is critical to ending gun violence.
A California serial killer seems to be 'on a mission' throughout the fatal shooting of six men and the wounding of one woman dating back to last year.
Russian troops abandoned a key Ukrainian city so rapidly that they left the bodies of their comrades in the streets, offering more evidence Tuesday of Moscow's latest military defeat as it struggles to hang on to four regions of Ukraine that it illegally annexed last week.
Excluding the CAQ, Quebec's major provincial parties received similar results between them in terms of popular support. But the same can't be said for the number of seats they won.
Francois Legault has been elected for a second mandate as Quebec premier with a majority government. Within eight minutes of the polls closing across the province at 8 p.m. EST, CTV News declared Coalition Avenir Québec has secured a resounding win in the Quebec legislature.
The Coalition Avenir Quebec, led by Francois Legault, won a second consecutive majority mandate in Monday's election. Here are five things to watch out for as the CAQ leader prepares to name his new cabinet and begins to make good on his party's election promises.
A decision to eliminate one of the city’s three remaining strip club licenses hit a speed bump at city hall. Following a confidential meeting of the Community and Protective Services Committee to receive legal advice, politicians put the decision on hold.
'My pride stands in my way of asking my family for help': Man deals with being evicted from a woodland encampment
City officials say compassion and care is key to their response to homelessness, but health and safety also have to be factored in. All of those issues were front and centre as crews began dismantling an encampment on the west edge of downtown London, Ont. on Tuesday.
Fiddlers Green Road is normally a quiet street, according to local residents. But it was anything but quiet on Monday night when the area was a beehive of activity with police and emergency vehicles.
In early September, the University of Guelph told students about what they are calling a disruption to the IT system.
As the municipal election looms, candidate signs become a common sight, but with a tightened regional bylaw limiting where signs can be placed, there are far fewer.
Charges withdrawn against brothers accused of assaulting customer in family's Kitchener, Ont. restaurant
The charges against two brothers accused of assaulting a customer with a service dog at a Kitchener, Ont. restaurant have been withdrawn.
In a startling development, incumbent Sudbury mayor Brian Bigger is withdrawing from the municipal election race, citing family reasons.
A 'Sisters in Spirit Vigil' was held at the Timmins Native Friendship Centre on Tuesday to honour the lives of missing and murdered Indigenous women, girls, two spirit and gender-diverse people.
Literacy Nipissing in North Bay celebrated its official grand reopening, a major milestone after the learning centre burnt down in 2020.
Ottawa police say an individual who was on fire outside the U.S. embassy in Ottawa on Tuesday died of their injuries. Police said there is no indication of a link to the embassy at this time.
Ahead of one of the largest single-day jumps in the price of gas, many drivers in Ottawa are filling up.
In six weeks, Ottawa Mayor Jim Watson will be leaving city hall, but he’s not taking much with him. Many of the items he has received over the years are being auctioned off for a good cause.
Work at the future site of the NextStar Energy Inc. electric vehicle battery plant is humming along with big changes to the landscape already happening, and future energy needs waiting for approvals.
A man was allegedly robbed at gunpoint while sitting in his car in an east Windsor parking lot Monday night, Windsor police are investigating.
UWindsor student allegedly followed to car after class, student alliance re-implements walksafe service
The University of Windsor Students’ Alliance (UWSA) will be re-implementing its walk safe service after a student was followed to their car after leaving class Monday night.
The family of a man whose body was discovered dismembered and scattered in Oro-Medonte and Muskoka more than 12 years ago say it hopes to find closure with a recent arrest in the historic case.
York Regional Police are asking for the public's help in identifying whoever is responsible for multiple damage reports in the heart of Newmarket.
Police in Wasaga Beach are investigating an incident at a grocery store and asking the public for help.
Prime Minister Justin Trudeau announced Tuesday that the federal government is setting up a $300-million 'Hurricane Fiona recovery fund' to help Atlantic Canadians rebuild from the deadly and destructive post-tropical storm.
The desire to quickly rebuild after post-tropical storm Fiona is running up against challenges that existed before the hurricane-force winds left a trail of destruction in Nova Scotia: the rising cost of construction material and widespread skilled labour shortages.
More than 15,000 Maritimers are still without power 11 days after post-tropical storm Fiona hit the region.
Calgary police are looking to the public for help to identify a woman who was found dead in the city over the summer.
A Calgary father has been sentenced to two years in prison for failing to provide the necessaries of life for his severely disabled adult son.
Two homes were damaged on Tuesday evening after a truck lost control in a southwest Calgary neighbourhood.
Provincial staff are dismantling an encampment on the Manitoba Legislature grounds after Winnipeg police brought some encampment members into custody.
A semi-truck driver from Ontario has been sentenced under the Highway Traffic Act for his role in a fatal collision three years ago on the Trans-Canada Highway near Falcon Lake in Whiteshell Provincial Park, that killed Mark and Jacob Lugli.
Police are searching for three suspects who they say kidnapped a senior and ran over another man while stealing a truck and camper on a Manitoba highway.
'Danger to the public': Safety concerns surrounded man found dead in suite where Noelle O'Soup's body found
More information is coming to light about a man found dead in a rooming house in Vancouver’s Downtown Eastside -- in the same suite where the bodies of missing teen Noelle O’Soup and another woman were found months later.
Forward Together, the party led by Vancouver mayoral incumbent Kennedy Stewart, released its election platform on Tuesday.
With urban mayors blaming a small number of repeat offenders for a disproportionate amount of crime in their cities, pressure is mounting on B.C.’s NDP government to act.
A woman in Edmonton has been accused of fraudulently posing as a medical doctor. Rossemarie Castro Rosales, 36, advertised massage therapy, holistic therapies and "quasi-medical techniques" under the name Dr. Marie Milne, police say.
A 25-year-old lifeguard has been charged following the 2020 drowning of a 34-year-old man at a Fort McMurray rec complex.
Two Edmonton Police Service officers were in provincial court Monday morning where one of them took the stand to describe the sexual assault she claims the other committed against her.