BUSINESS

Toronto House Prices Soaring In Some Areas Despite Market Slowdown

07/15/2013 01:10 EDT
CP

Toronto’s housing market has cooled off noticeably over the past year, with condo sales slumping by about half from their peak, but that doesn't mean prices are coming down. It would, normally, but not in Toronto's madhouse real estate market.

A recent report from Royal LePage shows there are some areas in the city where house prices are rising much faster than the national average, and certainly faster than incomes.

Overall, the city saw house prices rise about 2.5 per cent in the year to June, 2013, Royal LePage reports, but those price hikes were pretty unevenly distributed.

Condo prices in the downtown east-side neighbourhood of Cabbagetown jumped a striking 9.3 per cent in the 12 months to June, while two-story houses in the suburb of Markham jumped 8.7 per cent, in two of the largest price hikes seen in the region.

At the same time, some neighbourhoods saw price drops. Two-story houses in north Toronto are down nearly five per cent — surprising, given the low supply and apparent high demand for stand-alone houses in the Toronto area.

But perhaps the biggest winner in the area is Hamilton. The city just west of the GTA is seeing double-digit price hikes in some neighbourhoods. Check out the list of biggest price hikes in the GTA and Hamilton:

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