It’s no secret that home prices in Toronto and the GTA soared to record highs over the past two years, but which neighbourhoods saw the biggest gains? According to a new report by real estate company Properly, some areas are much hotter than others.
Since 2020, Toronto’s average home value increased by 21%, or $156,518, with detached homes being the most in-demand of any category.
Areas outside of the downtown core were the most popular among homebuyers during the pandemic. Midtown Toronto saw the biggest spike with an overall increase in value of 36% over the past two years.
Townhouses in midtown were even more popular, skyrocketing by 62% in value. That’s more than any type of home in any neighbourhood in the GTA, according to the report.
The Toronto neighbourhood of York increased by 28% in value, and Scarborough, North York, and the West End all saw gains of 24%.
Uptown homes appreciated in value by 22%, trailed by downtown at 21%, followed by Etobicoke and East York at 20%, and the East End at 18%.
From the start of the pandemic until March 2022, semi-detached homes saw the smallest appreciation in value at 23%.
Believe it or not, the median selling price of a Toronto home just before the pandemic was $748,000. Now, Properly estimates that the median value now sits at $904,518.
And it gets even more shocking than that. A recent report published by the Toronto Regional Real Estate Board (TRREB) found that the average detached house in Toronto was over $2 million in February 2022.
We may not be buying a three-bedroom house in the city any time soon, but at least we can set our sights on these adorable and affordable tiny homes for sale in Ontario.