TORONTO, Aug. 15, 2024 /CNW/ — With first-time buyers locked out of the country’s most expensive housing markets, the move-up/down segments, as well as investors, have been fuelling detached home-buying activity in the first six months of 2024 in the Greater Toronto Area (GTA), Greater Vancouver Area (GVA) and Fraser Valley, according to a report released today by RE/MAX Canada.

The RE/MAX Hot Pocket Communities Report surveyed 83 markets in the GTA, the GVA and the Fraser Valley, and found that close to 40 per cent of markets (33/83) reported an increase in detached housing values in the first half of the year, while 30 per cent reported an upswing in the number of sales (25/83). The Greater Toronto Area’s 416 area code led the other regions in rebounding sales momentum, with just over 34 per cent of neighbourhoods stable or experiencing growth in detached home-buying activity—ahead of the 905, Greater Vancouver and Fraser Valley. Limited inventory levels in Greater Vancouver and the Fraser Valley are supporting price appreciation in the detached home category, with Fraser Valley leading with 83.3 per cent (5/6) of local areas noting an upswing in average price, followed by Greater Vancouver with 70.6 per cent of neighbourhoods marking an increase in median values.