Housing prices in the GTA have ballooned by 20 percent over the last year, with Richmond Hill and Oshawa showing the largest gains, according to a housing survey released Tuesday by Royal LePage.
The survey found an increased demand in suburban areas outside downtown Toronto, with Richmond Hill and Oshawa leading the way. Home prices in those areas have risen by 31.5 per cent and 28.2 per cent, respectively.
Royal LePage says the surge in Richmond Hill was the largest in the country
"I've not seen anything that high before, ever," said Dianne Usher, senior vice-president at Johnston and Daniel, a division of Royal LePage.
Across the GTA, the average price of a single-family home is now $759,241. Condo prices also increased by 11 percent, pushing the average price to $408,908 over the last year.
Royal LePage says the unrelenting gains are now driving prices up not only in the Golden Horseshoe but as far away as London and even Windsor, Ont.
We believe the market will continue to be strong, continue to be a sellers' market, certainly in the short term," added Usher, who said the preferred solution within the real estate community is to boost supply by loosening restrictions on and increasing density.
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