It is no secret that GTA home prices are one of the highest in Canada.
RE/MAX Canada in a new report says average residential prices in GTA have increased more than 450 per cent since 1996.
RE/MAX analyzed the house prices of houses sold in the GTA between 1996 and 2021. According to the report, two million homes were sold in the GTA in that time period which represented a dollar volume in excess of $1.1 trillion.
The high cost of homes fuelled by rapid population growth, land scarcity coupled with low-interest rates has more than doubled the residential unit sales in the Greater Toronto housing market.
According to the 2021 census, Toronto CMA has a population of 6,202,225, compared to 4,263,759 in 1996 – an increase of 45 per cent.
The report says the average price increased from $198,150 in 1996 to $1,095,475 in 2021, at a compound annual growth rate of 7.08 per cent.
The report finds that prices rose 874.9% in York Region, followed by 507.9% in Durham Region, while sales skyrocketed by 1,123.7% in Dufferin County.
“Performance of the Greater Toronto housing market over the 25-year period has been nothing short of remarkable,” said Christopher Alexander, President, RE/MAX Canada in the report. This is especially so, when considering this time period was characterized by the tech meltdown of 2000, 9/11, SARS, the Great Recession of 2008, Ontario’s Fair Housing Plan and the on-going pandemic. “
The RE/MAX Canada analyzed home-buying activity in the nine Toronto Regional Real Estate Board (TRREB) districts that comprise the GTA – Toronto East, Toronto West, Toronto Central, Durham, Halton, Peel and York Regions, and Simcoe and Dufferin Counties to generate the Canada Quarter Century Market Report.