George Carras, President of RealNet Canada, is predicting that pricing for detached homes in the Greater Toronto Area (GTA) will only get higher throughout 2014.

The GTA is made up of four regions; Halton, Durham, York, and Peel. Let’s see what prices are like for each region:

The most expensive region in the GTA

If you’re looking for high-end detached living, Halton is the place to be. Comprised of Burlington, Halton Hills, Milton and Oakville, Halton had the fewest detached homes available. The average price for a detached home in Oakville was $1,411,648.

The most affordable region in the GTA

Your most affordable options for a detached home in the GTA will be in the east end in Durham, which is comprised of Ajax, Brock, Clarington, Oshawa, Pickering, Uxbridge, and Whitby. The average price for a detached home in Ajax was $531,458.

What about the rest of the GTA?

Halton and Durham represent the highest and lowest pricing in the GTA, respectively. Together, they offer just 29% of available detached homes.

York (Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughan, and Whitchurch-Stouffville) had the most options for detached homes. The average price for a detached home in Vaughan was $1,075,970.

Peel (Brampton, Caledon, and Mississauga) also had a fair number of options, more than Durham and Halton combined. The average price for a detached home in Brampton was $718,956.

What’s the monthly cost of detached living?

Carras uses the average price of a detached home in Vaughan to illustrate monthly costs. With a conventional mortgage, you would need to have a down payment of approximately $279,000. Then with a 25-year amortization with current interest rates, your monthly mortgage payments will reach about $4,100.

What does it all mean?

If you’re in the market for a new detached home, you will surely encounter people who have good advice about when to buy and when not to, but in the end, it’s up to you. Only you can know when the time is right. If you don’t have the means to buy now, don’t do it. If you do and you have found your dream home, make it happen!

Happy home hunting!