It’s no secret that the Toronto real estate market is a wild arena. Even over the course of a worldwide pandemic, this city’s housing sales continued to fluctuate. Well, new findings have just been released by a tech-forward real estate brokerage Properly. They revealed which Toronto neighbourhoods have had home prices jump the most.
Unsurprisingly, it’s not actually downtown Toronto that’s seen the greatest price increase over the past year. As you may know, the pandemic-induced work from home saw many Torontonians abandoning downtown living in favour of more space. This has resulted in an increase in demand, and thus an increase in home value, in some of Toronto’s suburbs.
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Now let’s get into the nitty-gritty. According to the findings by Properly, Scarborough saw the greatest average price increase – with a 25% uptick overall. Following them, York Region weighed in at +21%, then Etobicoke at +19%. Other high-value areas include East York (+18%), North York (+17%), and the West End (+15%).
The smallest average price increases were seen in Uptown Toronto (+5%), Midtown (+7%), and Downtown (+8%).
To figure out these numbers, Properly took the selling prices of homes in each area during the months prior to COVID-19 and compared them to the current estimated value. They used their AI-powered Instant Estimation technology to work it all out.
So there you have it! Those are the spots where Toronto home prices jumped the most. Did any of these findings surprise you?
You can read the full report and find your neighbourhood’s average home values here.