The average price of a Toronto home grew by more than $100K over the past year
In case you need a reminder of how astronomically expensive Toronto's housing market has become, a new report shows exactly how much more money you'd spend to buy something right now as opposed to at the same time last year. Such fun!
The Canadian real estate brokerage and analysis firm Zoocasa recently reviewed June home and price sales data for 28 markets in Ontario "to understand how market dynamics have shifted since last year as a result of the pandemic."
While the majority of markets did see home sales decline between June of 2019 and June of 2020, every one of the regions analyzed posted an increase in average home prices.
This trend is consistent with the home price and sales numbers we've been seeing in Toronto over the past four months, ever since COVID-19 came to town and ground the market to a halt.
Prices continued to rise in the city while sales numbers dwindled in April and May. Sales are now starting to rebound as buyers emerge from their lockdown states, driving up prices even higher with their "pent up demand" amid a supply shortage.
It's hard to say how much prices would have changed year over year if the pandemic hadn't hit, as there are other factors at play behind newly-rising home sales and consistently high prices in each market.
What we do know, via Zoocasa's crunching of the Canadian Real Estate Association (CREA)'s numbers for June of 2020, is that average home prices have shot up by more than $100,000 in 9 Ontario markets "with GTA cities dominating the list of regions with the highest dollar growth."
Oakville saw the highest average home price appreciation year over year in June, rising by a whopping $177,550 (17 per cent) to reach $1,249,685.
Markham wasn't far behind with a year over year home price increase of $171,726 to form a new average of $1,086,502. Aurora, Mississauga, Vaughan, Richmond Hill, Newmarket and Halton Hills all saw six figure increases as well.
Toronto was ninth of the list of highest increases by dollar amount with homes going up $106,657 between June of 2019 and June of 2020.
Zoocasa pegs the average home price within Toronto at $1,022,138 as of last month.
Here's a full breakdown of how much home prices have gone up in all 28 of the major Ontario markets surveyed.
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