Even though the real estate market in Toronto has shown signs of slowing down, home buyers are still seeing higher prices in today's current environment than they would have before the pandemic.
According to a recent report by Properly, Toronto home prices have skyrocketed by 21% over the past two years due to the lack of properties available in the area.
They found that the value of a typical Toronto home has shot up as much as $156,518 since the start of the pandemic.
Using a home value calculator, Properly compared the differences in home values before and during the pandemic in 10 areas across the city. To calculate these values, they measured the difference in the prices that some houses were sold at to their estimated current market value.
A graph showing how much the average home valuein Toronto has gone up since 2020.Properly
On average, a Toronto house is now worth $904,518, which is an increase from the $748,000 that they were priced at from September 2019 to February 2020.
If you're looking to move to Midtown in the 6ix, you might want to think again because this area saw the highest bump in home value, hitting a 36% increase since 2020, compared to other places in Toronto.
Here's how other areas across Toronto and the GTA ranked:
1. Midtown (36%)
2. York (28%)
3. North York (24%)
4. Scarborough (24%)
5. West End (24%)
6. Uptown (22%)
7. Downtown (21%)
8. East York (20%)
9. Etobicoke (20%)
10. East End (18%)
It's worth noting that in the Midtown area alone, the value of condo townhouses jumped up by a whopping 62% during the pandemic, which has been the biggest growth in value compared to other properties across GTA neighbourhoods.
"Townhouses provide a really functional solution for buyers that want to get out of high-rise condo living and get into a space that in some cases has a small yard and a community that can be very welcoming, especially with young families," Properly Real Estate Agent Sammy Kohn said in the report.
A map showing how much houses have appreciated in value since the start of the pandemic.Properly
Though in general, the report showed that detached homes have been all the rage during the past two years. They revealed more people are looking to find a home with more space across the city, which had led to an increase in value of 31% for these residential dwellings.
Here's how much other properties went up in value in 2022 compared to detached homes:
1. Detached homes (31%)
2. Townhomes (28%)
3. Rowhomes (26%)
4. Condos (25%)
5. Semi-detached houses (23%)