Looks like the Greater Toronto Area will continue to bear high house prices in the coming year, says RE/MAX realtors, Kevin Connor of Toronto Sun reports.

This year has been a good year for sellers in the GTA with the sales rate up by 8% compared to that of the previous year. Single-family homes now average at $804,079 and this is even expected to shoot up another 5% given the increasing demand and the low supply.

Toronto

First-time home buyers in Toronto enjoy living in the CBD while also enjoying low rates if they entered the condo market this year. But based on the RE/MAX forecast, condo owners will have a tough time moving up considering that single family home prices are moving much faster than that of the condo market. There is also active movement for luxury homes with quite a number sold to local move-up buyers and investors from China and Middle East.

Mississauga

High-demand neighborhoods similar to Erin Mills have not exactly seen the multiple-offer scenario where it is now a few years ago. Most of the first-time buyers in this city are composed of those coming from Toronto or new immigrants looking to buy town or semi-detached homes at the $500,000 range. By 2016, the prices are expected to shot up by 6%.

Brampton

Compared to others, Brampton is the cheaper market for first-time buyers in the GTA, with houses only averaging at $488,300. Most of the millenials are also choosing to stay with their parents or rent until they can find the best deal for them. Young buyers are also more interested in condos in the downtown area where Toronto and the Pearson airport are more accessible.

Durham

The market in Durham offers as low as $240,000 for older houses and a general average of $440,650 which is benefiting Torontonians looking for affordable housing. North Durham is also expected to open up and welcome new housing developments with constructions such as the Highway 407. The demand will also be fueled by the increase in the number of new immigrants looking to enter the market.

Oakville

There was a whopping 18% increase in sales in this upscale town and prices ranged from $840,000 to $1.2 million. Foreign buyers were also big on investing in high priced homes ranging around $2.4 million. This growth is even forecasted to improve by 10% in the coming year and price growth is expected to rise by 5%.