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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





15 January 2020

Toronto saw a significant real estate prices increase in 2019

It looks like Toronto is on its peak of recovery following about 2 years of declines, caused by the implementation of government cooling measures in 2017.

As you know, home sales are growing. However, as the market supply remains limited, the prices are also going up sharply.

According to the recent report by Zoocasa, there were 87,825 homes sold through MLS across the GTA last year, which is 12.6% more than a year earlier.

The average home price in Toronto rose by 5.6% during 2019 and reached $883,520, Zoocasa says.

"Home price growth was especially significant across median home prices — this number will likely affect middle-income buyers most," – the report stated.

"The majority of Canada's hottest markets saw home price growth exceeding the local incomes," – Zoocasa says. "So how do we compare 2019's median price gains in the GTA to after-tax household incomes?"

Having compared median home prices and gains in seven GTA regions against the local after-tax incomes, analysts saw that the city of Toronto faced the largest increases of median home prices last year.

Moreover, the median home price gains were almost the same as an entire year of after-tax income in case of the average Torontonian.

"Median home prices were up by 8% to $720,000. The difference of $55,000 accounts for almost 94% of the median Toronto household after-tax income of $58,264."

 

 

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