Whether you’re buying or building, Toronto has one of the hottest real estate markets in the world. It’s a known fact that you’ll have the shell out big bucks in order to purchase property in the GTA. Even though COVID-19 has impacted prices some, the real estate market is still thriving.
The Greater Toronto Area is big though, and some areas are busier than others. Here are the hottest real estate markets in the GTA in 2020 according to Zoocasa.
Oakville is officially the hottest real estate market in the GTA in 2020. Located on Lake Ontario between Toronto and Hamilton, Oakville is Ontario’s largest town and one of the most densely populated areas of Canada. It’s a great spot to live, but you’ll have to pay for that luxury. The average home price as of October 2020 was $1,313,481. This was a 25% increase from last year.
Located in the Peel region, Caledon has been rapidly urbanizing. Home prices reflect this, with the average home price now at $1,235,473. This is a whopping 26% price increase from last year, one of the biggest increases in all of Ontario.
Located just North of Toronto, Vaughan has all the benefits of city and suburb living. It’s one of the fasted growing areas in the GTA so it’s no wonder that home prices are so high. The average home in Vaughan now goes for $1,212,174, a 21% increase from the previous year.
Richmond Hill is an integral part of the GTA. Located in the central Peel region, it’s one of the most populous areas in the GTA. Home prices reflect this, with the average home price at $1,173,826 in October 2020. This is only a 9% increase from 2019, a smaller increase than other GTA regions.
Located just outside of downtown Toronto, Markham is now the fourth largest area in the GTA. It’s no wonder home prices are so high in the area. The average home price for this area is $1,074,125, a 12% increase from the previous year.
Aurora is home to stunning nature and has a small-town charm while still be close to Toronto. It has been growing in recent years, with home prices now averaging $1,052,457. This is an 8% increase from 2019.
There’s a reason Toronto is one of the greatest cities in North America. This dynamic metropolitan is an international center of business, finance, arts, and culture and is one of the most multicultural cities in the world. Home prices have always been high in downtown Toronto and even with the pandemic have continued to rise in 2020. The average home price as of October 2020 was $1,025,925, an 11% increase from last year.
Ready to start building your dream home in one of these hot GTA areas? Contact us today!