Toronto real estate is known for being expensive. But, have you ever wondered just how much prices have changed?
RE/MAX just published a housing market comparison for the GTA that compares the average home price in 1996 to the average home price in 2021.
In 1996, the average price of a home in the GTA was $198,150, which just simply does not exist in today's housing market.
In 2021, the average home price was $1,095,475, an eye-watering increase of 453% over 25 years.
So, how do the prices vary across the GTA?
"Triple-digit increases in sales were noted in Toronto Central, Halton Region, York Region, Simcoe County and Dufferin County over the past 25 years, while average sale prices reached new heights across the greater Toronto housing market, with percentage increases climbing between 1996 and 2021, from a low of 301 per cent in Toronto Central, to a high of 874 per cent in York Region," said the report.
According to RE/MAX, the average price of a home in York Region went from $132,444 in 1996 to $1,291,217 in 2021, which is a $1,158,773 price difference.
Durham Region had the second-highest jump, with the average price increasing from $152,353 in 1996 to $925,710 last year, an increase of $773,357.
Low-interest rates and affordability continue to be critical factors in the growth of the GTA, RE/MAX said.
It said that a significant factor in the growth of sales in areas like Halton, Durham, Peel, and York has been new construction.
"Over the past quarter century, vertical growth has played a significant role in rising sales figures within the 416, with condominium apartments and townhomes now exceeding freehold sales in Central Toronto, accounting for 76 per cent of sales, according to TRREB data," the report said.