Average selling prices for detached homes in Markham has remained above the $1 million mark for most of 2015. For the first time last February, the average price has continued to rise and was reported by the Toronto Real Estate Board (TREB) to be $1,080,924 in May 2015.
Across Toronto and the GTA, new real estate records continue to be set, both in terms of numbers of housing units sold and in average prices. Overall in May, Greater Toronto Realtors reported sales of 11,706 homes of all types, including detached, semi-detached, town homes and condo units, which is an increase of 6.3% over May 2014, and represents a new all-time record.
GOOD NEWS FOR ALL HOMEOWNERS
The record numbers of housing units sold in York Region and across the GTA is somewhat surprising due to a relative shortage of listings in many regions.
The shortage of homes for sale in Markham and across the region will only help to keep prices strong. “With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015,” said Jason Mercer, TREB’s Director of Market Analysis.