Overall dollar investments in real estate and land transactions have touched $2.2 billion last year for the York Region, Greater Toronto Area (GTA). They accounted for around 32% of the total volumes of property sales in the region, touching around $6.8 billion as per recent reports. This covers land based transactions which are lower than 1 acre and total realty investments in the York Region went up by more than 44% last year as compared to the year 2016 when volumes surpassed $971 million. The 2018 figures indicate slight de-growth as compared to 2017 and investment volumes have touched roughly $652 million till now.
There has been an upward movement seen for the York Region in terms of real estate investments. $489 million was the realty investment in the area for the year 2008. The York Region will continue to see higher real estate investments with the influx of new buyers and there is still ample supply of land for real estate development. With there being costlier property prices in Toronto, more buyers are checking out comparatively affordable housing options in the York Region. Low and medium density projects have together accounted for much of the housing supply in the York Region.
Land prices have gone up majorly between the years 2008 and 2018 with average pricing for low density projects (per acre) having touched $1.8 million even. For medium density projects, prices went up to $3 million per acre while high density prices climbed to $12 per sq. ft. Areas like King, East Gwillimbury and King have seen more medium/low density developments although high density projects have been reviving steadily in Newmarket and Aurora this year. This could lead to sky-rocketing urbanization of these areas along with Richmond Hill’s Yonge corridor, Vaughan and Markham.