How much have Toronto real estate prices actually gone up over the past decade? The answer has been revealed and it’s probably more than you think. A new report by Homing.ca founder Graham Rowlands illustrates the average price of homes, condos, and townhomes in 2012 compared to 2022 around the GTA and it’s more than a little bit unsettling.
Rowlands confirmed to Curiocity that his report is based on the Toronto Regional Real Estate Board’s market watch report.
Firstly, the price of a detached home in the Toronto area costs over $1 million more today than 10 years ago. Back then, you could snap up a home for around $574,351. Today, that same home could cost nearly $1.6 million.
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Semi-detached homes have also soared in price. In 2022, you’ll be paying around $753,204 for a townhouse than back in 2012, when the average price was just under $430,000.
Condo apartments today are approximately $711,933 but in some cities around the GTA, condos are appreciating in value at a much faster rate.
As for what this same report might look like 10 years from now, Rowlands told Curiocity that “it will come down to government policy and how the Bank of Canada adjusts interest rates.”
“If they do nothing we could see a similar story in 10 years but we have also seen unprecedented growth over the last 10 years that I also don’t believe this kind of growth to be sustainable,” he continued.
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“I still believe that prices today will be much higher 10 years from now regardless of what happens and don’t have any plans to sell myself.”
Given the fact that you need to earn a salary of over $205,000 and shell out $231,000 for a down payment on the average Toronto home nowadays, it’s safe to say that owning a piece of property larger than a walk-in closet in the GTA is out of reach for most.
But hey, you could always move way out to northern Ontario where there are plots of land for sale for $500.
