GTA home prices rose by more than most residents' annual income in 2022
In 2022, the majority of the Greater Toronto Area (GTA) saw home prices go up by more than what most residents make in a year, according to a recent real estate report.
Zoocasa, a Canadian real estate website, looked at 30 real estate markets across the GTA in 2022 to see how fluctuations in home prices compared to how much residents earned after tax. From there, the report compared how home prices increased relative to household earnings.
The report looked at home prices from the Toronto Regional Real Estate Board and looked to Statistics Canada for after-tax household incomes. The home price change was calculated by comparing 2021 to 2022 figures, the report notes.
Twenty of 30 real estate markets in the GTA saw house prices go up by more than half – between 50 to 75 per cent – of the median income in each.
A recent Zoocasa report reveals house prices in most areas across the GTA went up by more than what the majority of residents make in a year. (Zoocasa)
In Toronto, home prices rose by nearly 90 per cent of the median income of residents, which is $74,000 after tax.
Homeowners living in east Toronto saw the highest increase in comparison to income of almost 100 per cent, while central Toronto saw the smallest difference at just over 71 per cent.
The report notes Richmond Hill and Scugog saw an increase in house prices of more than 100 per cent of the median income, which are the only two spots in the GTA to see such steep changes.
In Richmond Hill, where the median income is $89,000, home prices jumped by $91,706 in 2022, which is about 103 per cent of residents’ earnings. Meanwhile, in Scugog, home prices increased by $133,063 – nearly a 145 per cent jump from the median income of $92,000.
According to the report, there were only three areas in the GTA that saw house prices decline year-over-year: Caledon, King and Uxbridge. The latter saw the biggest drop, with home prices going down by $63,115, or about 64 per cent of the median income.
CTVNews.ca Top Stories
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
Shivering for health: The myths and truths of ice baths explained
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
'It was joy': Trapped B.C. orca calf eats seal meat, putting rescue on hold
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.
Manitoba mom praises quick-thinking fire department for freeing daughter stuck in playground equipment
A Manitoba mother is praising firefighters for their quick work in helping her daughter who got stuck at a playground in Lorette, Man.