home prices ontario

Ontario home prices went up by more than what most people make in a year

Ontario's real estate market experienced turbulence in 2022, with home prices reaching an all-time peak in the first few months of the year before rising interest rates began rapidly driving prices down

A recent study from Zoocasa analyzed 30 different real estate markets in the Greater Toronto Area (GTA) and surrounding region to analyze how home values have increased relative to household earnings. 

The study accessed the gains and losses in median home prices across the GTA and compared the changes to median after-tax household incomes. 

Median home prices were sourced from the Toronto Regional Real Estate Board, while after-tax household incomes were sourced from Statistics Canada. 

home prices ontario

Home price changes as a percentage of after-tax household income across the GTA. Source: Zoocasa

The study found that in 20 GTA markets, home prices increased by more than half of earnings in 2022. Two markets, namely Scugog and Richmond Hill, even saw home price increases of over 100 per cent of the median income. 

Richmond Hill's prices grew by $91,706, which is 103.04 per cent of the median income of $89,000. 

The study discovered that the region with the largest price increase as a percentage of the median income was Peel, where home prices increased by 91.58 per cent of the income of $94,000. 

home prices ontario

Home price changes in 2022 compared to median after-tax income across the GTA. Source: Zoocasa

In Toronto, home prices rose by nearly 90 per cent of the median income of homeowners in the city. Central Toronto saw the smallest home price increase in comparison to income, with an increase of 71.35 per cent. 

Toronto East's home prices increased by nearly 100 per cent of the median income of $74,000, with a median home price change of $73,571. 

Only three markets examined in the study saw household incomes outpace home prices, namely Caledon, King, and Uxbridge. 

You can find the full study by Zoocasa here

Lead photo by

Dillon Kydd

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