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According to a new report by Royal LePage house price survey and marketing survey forecast, home values in the suburbs of Greater Toronto Area have surprisingly shot up much more quickly than the core downtown area of Toronto. The average home prices at the GTA have gone up by 8.6% from last year to about $605,898. The median cost of a 2 storey house in the GTA has gone up by 9.7% for the past few years to a whopping $715,525 while the cost of bungalows has increased by 7.8% to $596,842. The prices of condos have also followed a similar pattern and increased by 3.7% to reach a price of $361,809. The most prominent growth can be traced right out of the downtown core area of Toronto. The Toronto suburbs like Mississauga, Brampton, Markham, Vaughan and Whitby have all witnessed a surge in home values by more than 10% in the past few years. According to Gino Romanese, the vice president of Royal LePage, the sound economy and the steady inflow of workers into the Greater Toronto Area along with a continual shortage of available houses for sale are some of the factors which have prompted the creation of a market which has learned to appreciate the high single-digit prices which leads to an increase for home evaluations.
The median price of a 2 storey house in Vaughan is around $842,100 while that in Richmond Hill is around $963,500. However Toronto continues to be the most expensive even today with a 2 storey house costing over $961,600. Phil Soper the CEO of Royal LePage is of opinion that since the home prices in central Toronto and its neighbouring areas are increasingly getting out of bounds, the more affordable areas like southern Ontario or GTA suburbs are going through a considerable price appreciation. The rising prices in the GTA remain well above the national average which is about $616,300 for a two storey house. This value is based on home evaluations in 53 of the biggest real estate markets of the country. Phil Soper is also concerned about the affordability in Vancouver and Toronto because of the ever increasing real estate prices. The scarcity of bungalows and two storey houses in the Greater Toronto Area has remarkably tipped the market in favour of the sellers. Prices are expected to keep rising in 2016 which might lead to a 5.5% year over year growth in the GTA real estate market with the cost steadily rising in all categories of housing. The dynamics of the present GTA market doesn’t seem likely to change in the near future. Gino Romanese the senior vice president of Royal LePage thinks that the demand for houses would continue rising since immigrants from all corners of the globe as well as migrants from other parts of the country are flocking to the city, while the listings would continue to fall behind the demand. Affordability of housing is already posing a considerable problem for many families and individuals. This year the cost of residential real estate in the country is expected to be more affected by macroeconomic factors rather than by housing specific variables.