House prices in Some GTA Suburbs Rising Quicker Than Toronto: Report

House prices in some Greater Toronto Area (GTA) suburbs have gone up quicker than Toronto's downtown core, according to a new report from Royal LePage.

Since last year, the real estate franchiser found that the average price of a home in the GTA rose 11.3 per cent from to just over $612,000 — while houses in the city's core went up 11.2 per cent, in the same period, to more than $639,000.

The biggest jump in the last quarter was in Richmond Hill and Vaughan. In those suburbs, prices went up 18.6 and 18 per cent compared to 17.1 per cent in Toronto.

The median price of a two-storey home in Richmond Hill is now estimated to be about $963,500. In Vaughan, the same home would cost about $842,100. Toronto is still more expensive, though, with a two-storey house costing more than $961,600.

Royal LePage's chief executive officer says the GTA upswing in prices can be attributed to high prices in the city.

"As homes in legacy central Toronto neighbourhoods move increasingly out of reach, we are observing that the more affordable areas in southern Ontario, including the GTA suburbs, are experiencing substantial price appreciation and heightened sales activity levels," said Royal LePage CEO Phil Soper.

Reference: CBC News

http://www.cbc.ca/…/house-prices-up-toronto-suburbs-1.32699…