This is where home prices in Toronto have risen the most in the past 25 years
In 1996 the average price of a residential property in the GTA was less than $200,000.
Fast forward 25 years and more than 2 million transactions and it is now $1,095,475.
The sustained real estate boom, which has seen $1.1 trillion in properties change hands, is detailed in a new report from Re/Max Canada examining the last quarter century of sales in eight GTA regions.
The report found that GTA home prices have risen by about seven per cent on average over the last 25 years, easily outpacing the rate of inflation.
But the acceleration in prices has varied, depending on where in the GTA you live.
In York Region the average priced home rose 875 per cent to nearly $1.3 million over the last 25 years whereas prices in central Toronto are up a more modest 300 per cent, from an average of $277,000 to just over $1.1 million.
Prices in Durham Region are up 507 per cent over the last 25 years while in Peel Region they are up 496 per cent and in Halton Region they are up 447 per cent.
“Performance of the GTA housing market over the 25-year period has been nothing short of remarkable,” Re/Max Canada President Christopher Alexander said in a news release accompanying 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 report said that new construction has been a “significant factor” in sales and price gains in the GTA over the last quarter century but it notes that Peel and York regions are now “approaching build out” with the focus of developers expected to shift from freehold to higher density homes in the coming years.
In fact, the report notes that condominiums now account for roughly half of all sales in Mississauga.
Across the GTA as a whole, condominiums account for nearly 36 per cent of all sales.
“The GTA’s housing stock continues to evolve based on land availability,” Alexander said in the release. “Builders and developers are faced with the harsh reality of a land supply crunch as affordability remains top of mind with the vast majority of buyers. While the preference may be freehold, the necessity to build vertical communities has never been more apparent in a city where the population has grown by two million people since 1996 and is expected to ramp up in coming years.”
The Re/Max report attributes much of the run up in prices across the GTA to population growth, low interest rates and waning land availability.
It says that in 2021 residential sales across the GTA were up 118 per cent compared to 1996. Though it notes that sales rose 326 per cent during the previous 25-year period (1971 to 1996).
GTA real estate prices at a glance over the last 25 years
Toronto East - Up 452.9 per cent to $1,095,475
Toronto West – Up 468.4 per cent to $997,195
Toronto Central – Up 301.3 per cent to $1,000,478
Durham Region – Up 507.6 per cent to $925,710
Peel Region – Up 495.9 per cent to $1,052,438
Halton Region – Up 446.8 per cent to $1,232,967
York Region – Up 874.9 per cent to $1,291,217
Dufferin Country – Up 334.5 per cent to $803,822
CTVNews.ca Top Stories
NEW Children's doctors reporting unusual increase in walking pneumonia cases in Canada
Children's hospitals across the country are seeing an unusual increase in the number of serious and more complicated cases of walking pneumonia affecting much younger patients, according to medical experts.
Teachers in Newfoundland and Labrador say violence is on the rise, averaging 22 incidents per school day
School staff are being struck more often, students are fighting more frequently, and police are increasingly being called to school grounds, according to data compiled and released this week by the Newfoundland and Labrador Teachers' Association.
'One of the most talked about words of 2024': This is Collins Dictionary's word of the year
Collins Dictionary has declared 'brat' -- the album title that became a summer-living ideal -- its 2024 word of the year.
NEW Canada and the U.S. share the world's longest border. Here's how the election could affect it
Spend just a few minutes at the border between Canada and the U.S. – the world's longest – and you'll see why trade is a vital lifeline.
Canada's youngest dangerous offender, who sexually assaulted baby, seeks prison leave
A convict who became Canada 's youngest designated dangerous offender after sexually assaulting a three-month-old baby is seeking escorted leave from prison to attend Indigenous cultural ceremonies in Vancouver.
opinion Prince Harry, Meghan Markle take a different tack this time to the U.S. election
With a divided electorate about to head to the polls after a dramatic presidential campaign, the Duke and Duchess of Sussex have taken a more neutral approach in the 2024 U.S. general election compared to 2020, writes royal commentator Afua Hagan in her column for CTVNews.ca.
Heidi Klum and Janelle Monae wear elaborate E.T. costumes for their Halloween parties
Heidi Klum and Janelle Monae opted for out-of-this-world Halloween costumes this year — both choosing to dress as the stubby alien E.T. for their parties on opposite coasts.
OPP investigating after razor found in northern Ont. child's Halloween candy
Police in northern Ontario say a razor blade was found in a child's candy on Halloween night.
New changes come into effect to handle Canadian banking complaints
New changes are coming into effect that aim to protect bank customers in the event of a scam or address other bank-related issues.