MPAC report shows home prices rising
Posted by news | Filed under All News Stories, Durham, GTA, Toronto
A new report from MPAC, shows that home prices have soared in the GTA over the past several years. Officials say since 2008, the average selling price of a home in Durham Region, has gone up 13 percent. It’s also gone up 22 percent in Halton and Peel and 28 percent in York Region. Chief Assessor Larry Hummel says the numbers include both new and existing homes. Hummel says there are a number of factors that have led to the increase, such as population growth, employment opportunities and extremely low interest rates. Hummel says people should be aware that an increase in sale prices does not mean an increase in property taxes. He says that depends on a number of factors including the amount of revenue required by your municipality to deliver services.
