Despite cooling market, detached homes still in high demand in some GTA pockets: report

looked at unit sales and average prices year over year and 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.

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, Burlington was the best at -6.2 per cent, while Oakville was the worst at -15.6 per cent. “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.

“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 Toronto, W07 is the only district that saw zero movement in terms of unit sales, while the worst area is C10 , which saw a 41.6 per cent decline.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.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.Caledon tops the list in Peel Region with a 37.

This is the realtors & bankers market not the buyers or sellers. Investigate the process. I know one who make a little over $30K managed to get a mortgage about 2 years ago and bought a big house with basement. Resigned the day she closed, rented every room & retired at 30.

Every drop counts.

As long as immigration/refugees keep coming to big cities in high numbers, it will never come down. The government needs to focus on its own citizens.

If there is high demand on detached house in some areas, for sure house prices in these areas will not drop sharply but decline slowly, house price will take years to go back where it was. But it's good for young generation.

Poll: Will home prices fall by 50%

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