This is how much Toronto's home prices have changed over the last 5 years: report
The cost of living in Toronto went up nearly 20 per cent between 2017 and 2022 – but that’s less than half the increase seen in the city’s housing prices over the last five years, according to a new report.
Real estate website Zoocasa.com crunched the numbers in a blog post published earlier this week in which living expenses were compared against the benchmark home price in 15 Canadian cities over the two five-year periods.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
In Toronto, the report showed that the Market Basket Measure (MBM), which represents the costs of goods and services like food, clothing, and shelter for an average family of two adults and two children, was at $55,262 in 2022.
The MBM, which Statistics Canada cites as the official measure of poverty in a given city, was $46,975 in 2017, meaning that the cost of living has jumped 17.6 per cent in those five years.
While that may seem like a lot, Toronto’s benchmark home price has risen by 42.8 per cent since 2019.
According to Zoocasa, which sourced its real estate data from the Canadian Real Estate Association (CREA), the benchmark home price in Toronto five years ago was $746,500. Now, in 2024, that number is $1,065,800.
“With home prices rising at a rate much faster than the cost of living, many Canadians are finding it increasingly difficult to find affordable housing options,” Carrie Lysenko, CEO of Zoocasa, said in the report.
The report notes that although Toronto and Vancouver had the third and second-highest MBMs in 2022 (Calgary was highest at $55,771), benchmark home prices in those cities did not increase as “significantly” as they did in smaller ones like Moncton and Halifax -- where home prices have gone up 100.1 per cent and 82.4 per cent, respectively, since 2019.
Conversely, in two of the 15 cities surveyed in the study, the benchmark home price actually lagged behind the MBM.
In Regina, for example, the 5-year change in home price was 8.7 per cent while the MBM between 2017 and 2022 was 16.1 per cent. Similarly, in Edmonton, the average home price went up by 9.1 per cent while the MBM hit 18 per cent.
“Even in cities where the cost of living is on the rise, the relatively stable home prices present a unique opportunity for homebuyers to enter the market,” Lysenko said on this point.
“This underscores the importance of exploring options beyond the primary metropolitan areas or single-family detached homes for those seeking affordability in today’s market.”
CTVNews.ca Top Stories
Signs of Alzheimer’s were everywhere. Then his brain improved
Blood biomarkers of telltale signs of early Alzheimer’s disease in the brain of his patient, 55-year-old entrepreneur Simon Nicholls, had all but disappeared in a mere 14 months.
Box tree moths have infested Ontario and experts say more are coming. Here's what to do to protect your garden
An invasive moth species is on the rise in Canada and, if you've planted a certain shrub, it could stand to ruin your garden.
Lyon-bound Air Canada Boeing 787-8 Dreamliner from Montreal turns back midflight due to pressurization alert
Passengers heading from Montreal to Lyon, France on Friday were forced to return home and depart the next day after a pressurization indication was detected in flight.
Oilers dominate Canucks, win to force deciding Game 7
The Edmonton Oilers avoided elimination from the NHL playoffs Saturday night, beating the visiting Vancouver Canucks 5-1 in Game 6 of their second-round series.
The eight most expensive homes for sale in Ottawa this spring
Ottawa's ultra luxury housing market is blooming like the tulips this spring, with a significant increase in the number of homes sold worth more than $2 million.
B.C. pipeline company argues its 'haulers' are not trucks, for tax purposes
A contractor working on the Coastal GasLink pipeline has been denied more than $333,000 worth of tax rebates because pieces of machinery it purchased – and claimed were not trucks – were deemed sufficiently truck-like in B.C. Supreme Court.
$500K-worth of elvers seized at Toronto airport
Fishery and border service officers seized more than 100 kilograms of unauthorized elvers at the Toronto Pearson International Airport on Wednesday.
Usyk beats Fury by split decision, becomes undisputed heavyweight champion
Oleksandr Usyk defeated Tyson Fury by split decision to become the first undisputed heavyweight boxing champion in 24 years.
To plant or not to plant? Gardening tips for May long weekend
May long weekend is finally here, and with the extra time off you may be getting the itch to head out to your garden and plant. However, the old debate whether you should plant now, or wait, is still ever-present.