As tired as the cliché “what goes up, must come down” is, no saying better describes the condition of the Toronto housing market following the introduction of the Fair Housing Plan last April. According to the data, home prices slid dramatically once the new rules were put in place, with only Toronto condo values unscathed.
The numbers have painted an especially grim picture for the detached segment. The average price for houses for sale in Toronto fell $295,575 – 18 per cent – between April 2017 and February 2018, from $1,578,542 to $1,282,967 in the City of Toronto.
The Neighbourhood Difference
But are house prices truly softening in the 416? While the aggregate data indicates a plunge, the reality is real estate price conditions are extremely local, especially in Canada’s largest city. In fact, recent month-over-month data indicates that, by all measures, the city is in for a robust spring market, with multi-offer and bidding war situations once again the norm.
“There’s a lot of excitement at the moment and the buyers are out,” said Lauren Haw, Zoocasa Realty’s Broker of Record, of the February data. “There are pockets of the GTA, especially certain neighbourhoods in Toronto, where we’re seeing fierce bidding wars – and other parts where conditions are more balanced.”
Where Are House Prices Rising and Cooling in Toronto?
Zoocasa has crunched the numbers to find out how prices are faring at the local level, using data from the Toronto Real Estate Board between February 2017 and 2018. Using sold prices and sales numbers, the month-over-month change was calculated for detached and semi-detached homes over the last 12 months. (Data for both home types was combined to achieve a weighted average house price per neighbourhood over the time period.)
Green neighbourhoods reflect a month-over-month price change greater than zero per cent, indicating positive price growth. Blue neighbourhoods indicate price change lower than zero per cent, signaling home values are cooling.
Check out how Toronto house prices have changed by neighbourhood over the last 12 months in the infographic below.
Toronto Neighbourhoods Where House Prices are Rising
Top Toronto Neighbourhood Price Trends
Neighbourhoods where house prices have been rising 5 months in a row:
- W10 (Rexdale-Kipling, West Humber-Claireville)
Regions where house prices have been rising 4 months in a row:
- E07 (Miliken, Agincourt)
Regions where house prices have been rising 3 months in a row:
- W04 (Yorkdale-Glen Park, Weston)
Regions where house prices have been rising 2 months in a row:
- C03 (Oakwood-Vaughan, Forest Hill South)
- C06 (Bathurst Manor, Clanton Park)
- C07 (Newtonbrook West, Willowdale West)
- C14 (Newtonbrook East, Willowdale East)
- E02 (The Beaches, Woodbine Corridor)
- E04 (Dorset Park, Clairlea-Birchmount, Kennedy Park)
Regions where house prices have fallen 2 months in a row:
- C12 (Bridle Path, Hoggs Hollow, St. Andrew-Windfields)
- C13 (Don Mills, Parkwoods, Victoria Village)
Regions where house prices have fallen 3 months in a row:
- C11 (Flemingdon Park, Thorncliffe Park, Leaside)
