Toronto Neighborhoods Where Home Prices Have Doubled in the Past 5 Years

Wednesday Sep 11th, 2019

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Toronto Neighbourhoods Where  Home Prices Have Doubled in the Past 5 Years

We’ve all heard stories about the real estate bubble. Economists have been calling for this bubble for all through the 2000's, suggesting that the housing market is heading for a sharp decline.

 
Did you know that despite the gloom forecasts, prices in some neighbourhoods in the Greater Toronto Area have doubled in the past 5 Years?!
 
Migration attracting people within Canada and from around the world, strong employment rates and a stable economy has had a strong impact on rising home prices. According to data from the Toronto Real Estate Board, the average homebuyer would need to spend $256,055 more for a home in July 2019 compared to 2014, an increase of 46% and a price tag of $806,755.  So if you’ve deferred the purchase of your home over the last 5 years, today you would need an additional $256,055 to purchase that same home!
5 Year Toronto Home Price
 
Click Here to View TREB Stats
The condo market in Toronto has led the market in terms of price growth.
  •  Condos saw a 7.7% increase
  • Semi-detached houses saw a 5% increase
  • Townhouses saw a 5.5% increase
  • Detached houses saw 9.1 decrease
Overall there were increases with the condo market taking the lead.
While the overall average price increased by 66% to $627,929 between 2015 to 2019, eight of the assessed neighbourhoods have experienced an appreciation of 100% or greater; 30 of 35 experience at least a 50% increase, while all have seen prices tick up by a minimum of 25%.    
 
From a price point perspective, condos will continue to offer prospective buyers the most affordable housing option when searching for a home across the GTA, driving the demand up and thus putting pressure on future prices, so if you're ready to jump into the market, we're here to help!
 



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