Halton Region and West Toronto capture increased share of overall GTA market
Migration patterns of residential homebuyers in the Greater Toronto Area (GTA) have shifted west, with market share rising in Halton Region and West Toronto between 2013 and 2018, according to a report released today by RE/MAX of Ontario-Atlantic Canada.
RE/MAX of Ontario-Atlantic Canada analyzed sales trends in nine Toronto Real Estate Board (TREB) districts/regions over the past five years. Halton Region – comprised of Burlington, Oakville, Halton Hills and Milton — captured 10.1 per cent of total market share in 2018, leading with a 2.3-per-cent increase over 2013, while Toronto West climbed almost one per cent to 10.5 per cent. Toronto Central rose close to two per cent to 18.7 per cent of total market share, while Simcoe County jumped 0.6 per cent to 3.1 per cent. The gains came at the expense of perennial favourites such as York Region (down 3.2 per cent from 2013, to 15.3 per cent), East Toronto (slipped 1.7 per cent, to 9.3 per cent in 2018), Peel Region (fell 0.5 per cent to 20.6 per cent) and Durham Region (down 0.3 per cent to 11.5 per cent of the overall market).
The tide is always turning
“As the millennials move into their home buying years, they will displace baby boomers as the dominant force in the GTA’s real estate market,” says Alexander. “Their impact on housing will have a serious ripple effect on infrastructure in the coming years, placing pressure on transit systems, roadways, local economies and their abilities to attract investors and new businesses, parks and green space development.”
The upswing in demand over the next decade is expected to re-ignite home buying activity in Toronto East, York, Peel, and Durham Regions. These areas still carry significant weight, despite the factors that have impacted softer performance in recent years, including affordability, lack of available housing, and fewer transit options. “The market can and does change on a dime,” says Alexander, adding if there’s anything that’s certain in real estate, it’s that the tide is always turning.”
**Source: Halton Region State of Housing 2016 https://www.halton.ca/Repository/State-of-Housing-2016