The Greater Toronto Area's real estate market is off to a very hot start in 2017. The table below shows the average price for a detached house in January 2016 vs 2017 for every municipality in the GTA.
Aurora tops the list as the hottest neighbourhood where prices increased 55% from $914,061K in January 2016 to $1,415,649 last month. Newmarket saw a 52% increase in the price for a detached home and five other municipalities saw prices climb over 40%.
It's worth noting that some of the averages might be skewed by the few number of sales in January. But when we look at the market as a whole, the average price for a detached home in the entire GTA (a very large sample of sales) is still up 28% over last year.
What is behind the rapid increase in house prices across the GTA?