As we all settle into the New Year, it’s a good time to take one last look at 2015. With the Toronto Real Estate Board’s (TREB) recent release of residential sales statistics for December, it gives us an overall picture of the year just ended.
While there have been better years and worse years for real estate, with falling interest rates and consistent growth, 2015 was a very good year for both homeowners and buyers in Markham real estate, and the numbers prove it.
AVERAGE MARKAM HOME PRICES
The average price for homes of all types, including detached, semi-detached, condominium townhouses, condominium apartments and link homes (homes that appear detached above ground, but that have attached foundations), is most often used to gauge and compare overall home prices from location to location.
Average prices for the type of home you want to buy or sell will be different than average prices for all types of homes, but the overall number gives you a general idea of what’s happening in the market.
- 3% – the increase in the average price for Markham homes of all types in 2015 ($698,882 at the end of December 2014, versus $805,750 at the end of December 2015)
AVERAGE PRICE OF MARKHAM DETACHED HOMES
While Markham is blessed with a wide variety of home types, detached homes account for the majority of sales. In December 2015, more than twice as many detached homes were sold here than any other single type of housing. In 2015, average detached home prices in the city broke through $1,000,000 for the first time ever.
- 3% – the increase in the average price for detached homes in 2015 ($988,060 at the end of December 2014, versus $1,129,940 at the end of December 2015)
MARKHAM VERSUS THE REST OF THE GTA
While the increase in home prices shows Markham’s healthy residential real estate climate, it’s not until you compare our prices with the rest of the GTA that you see just how good we have it here.
- 4% – the increase in the average price for homes of all types in all the GTA real estate markets represented by TREB, versus a 15.3% increase in Markham
- 8% – the increase in the average price for detached homes in all the GTA real estate markets represented by TREB, versus a 14.3% increase in Markham
In other words, Markham homes of all types enjoyed a 63% higher increase in average prices versus the rest of the GTA, and the increase in Markham’s detached homes was 21% higher than the increase in similar homes in the GTA.
Whichever way you look at it, 2015 was a great year in local real estate. Here’s to more of the same in 2016!