Retirees and remote workers are leaving Toronto in favour of the Niagara region, boosting the prices of newly built homes in June, Statistics Canada said.
Statistics Canada said this week that Toronto’s new home prices held steady in June compared to May — but prices of newly built homes are edging higher in Niagara, Waterloo and Guelph.
Prices of new houses in June jumped one per cent in St. Catharines–Niagara compared to May, while prices rose 0.7 per cent in the Waterloo region and 0.5 per cent in Guelph, according to the report on the New Housing Price Index.
The monthly survey of home builders also suggests that contractors may start designing homes outside city centers with dedicated office space as workers spend more time at home amid the COVID-19 pandemic.
Overall, newly built houses are 0.1 per cent more expensive than a month ago, and 1.3 per cent more expensive than a year ago, a seven-month upward trend based on contractors’ selling prices of new houses in 27 cities.
Compared to a year ago, prices have jumped 10.4 per cent for newly built homes in Ottawa, and 8.1 per cent in Montreal.