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!
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!
If you have questions or would like to chat, we're always a phone call away. Call us anytime!