It is no secret that the house prices in Greater Toronto area are quite high and has recovered from the 2018 slump (or the so called slump).
According to Zoocasa, a full-service brokerage, house prices rose by an average of 4% across the GTA year over year to $819,319 and in Toronto by 5.6% to an average of $883,520 over the course of the year – January to December of 2019.
To understand and put into perspective the dollar value, Zoocasa crunched numbers to find out how median home prices have changed across the GTA in 2019, and how they stack up as a percentage of local median incomes. Median home prices were sourced from the Toronto Real Estate Board, while median after-tax household incomes were sourced from Statistics Canada.
See the infographic below:
- Median home prices rose 6% in the GTA to $710,000, a difference of $40,000.
- In City of Toronto, median home prices rose by 8% to $720,000 – a difference of $55,000. According to Zoocasa, this is nearly 94% of the median Toronto household after-tax income of $58,264.
- Smallest smallest median home price increase of all GTA regions was in Simcoe County, with the median home price hitting $588,250 in 2019 – an increase of $13,250. The increase accounts for 20% of the local median after-tax household income of $67,022.
See the median home prices and gains in seven GTA regions against after-tax incomes in each area in the below infographic:
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