RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Greater Toronto Area Sees 450% Home Price Growth

Home Agents
February 24, 2022
Reading Time: 2 mins read
Greater Toronto Area Sees 450% Home Price Growth

Between 1996 and 2021, more than two million homes sold in the GTA, representing a dollar volume in excess of $1.1 trillion. Average price has soared over the 25-year period, rising close to 453%, from $198,150 in 1996 to $1,095,475 in 2021, at a compound annual growth rate of 7.08%. Statistics Canada reports the Toronto CMA reached 6,202,225 in 2021, an increase of 45% over the 1996 Census figure of 4,263,759.

“Performance of the GTA housing market over the 25-year period has been nothing short of remarkable,” says Christopher Alexander, president, RE/MAX Canada. 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. “Many have raised concerns about the future of housing, given population growth and land scarcity within the Greater Toronto Area.”

The RE/MAX Canada Quarter Century Market Report analyzed homebuying 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—and found land availability, especially in the city’s core and bedroom communities, has waned. This, as migration, low interest rates, and affordability continue to play a critical role in the growth of the GTA. Triple-digit increases in sales were noted in Toronto Central, Halton Region, York Region, Simcoe County and Dufferin County over the past 25 years, while average sale prices reached new heights across the GTA, with percentage increases climbing between 1996 and 2021, from a low of 301 per cent to a high of 874 per cent.

New construction has been a significant factor in the sales gains in Halton, Durham, Peel and York Regions, the latter two of which are approaching build-out. Over the years, the 905 communities offered affordable alternatives to those looking to purchase freehold properties. Starter homes on smaller lots attracted many first-time buyers in locations to the west, north and east of the 416-area code, supported by the new and proposed expansion of GO train service and another 400-series highway servicing the GTA’s northeast/west corridor. The movement brought new life into older communities, forever changing the make-up of cities such as Milton, Whitby, Clarington, East Gwillimbury and Innisfil, the company reported.

“If you build it, they will come, and they sure did,” says Alexander. “Bolstered by historically low interest rates, a strong economy, grit and determination, buyers both young and old have moved to the city’s bedroom communities.”

For more information, visit remax.ca.

Tags: Greater Toronto Area Real Estatehome price increasesRE/MAX Canada
ShareTweetShare

RE/MAX

Related Posts

Team Tactics: 5 Reasons Why You Should Host Virtual Open Houses
Agents

Team Tactics: 5 Reasons Why You Should Host Virtual Open Houses

June 6, 2023
4 Steps New Real Estate Agents Can Take Right Now to Succeed
Agents

4 Steps New Real Estate Agents Can Take Right Now to Succeed

June 6, 2023
Women in Real Estate: Building a Successful Partnership
Agents

Women in Real Estate: Building a Successful Partnership

June 5, 2023
Home-Prices Growth Continues, but Is Slowing
Agents

Home-Prices Growth Continues, but Is Slowing

June 5, 2023
Sacramento Brokerage Joins ERA Network
Agents

Sacramento Brokerage Joins ERA Network

June 5, 2023
LeadingRE Adds Tongo to Solutions Group Program
Agents

LeadingRE Adds Tongo to Solutions Group Program

June 5, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Three Tips for Closing More Real Estate Sales in a Shifting Market

If you’re a team leader, it’s imperative that you set your agents up to be successful, so that they can reach their own goals, as well as those of the overall team. Your newer agents will need to learn the basics they never really have used while... Read More.

Business Tip of the Day provided by

Recent Posts

  • Team Tactics: 5 Reasons Why You Should Host Virtual Open Houses
  • 4 Steps New Real Estate Agents Can Take Right Now to Succeed
  • Women in Real Estate: Building a Successful Partnership

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X