The average cost of a home in Toronto has jumped nearly 30% in the past year

0

Home prices in Toronto are rising very rapidly, with the 416 and surrounding 905 still firmly entrenched as the most expensive area to live in Canada.

The last Royal LePage home price survey released Tuesday shows that the average home price in the Greater Toronto Area (GTA) continued its upward trend during the first quarter of 2022, becoming even further out of reach for the average resident.

Overall home prices in the GTA rose 27.7% year-over-year to $1,269,900 in the first three months of the year alone, recording the largest gain in a year-over-year since Royal LePage began tracking this figure.

Even bigger gains were seen in the single-family home market, which experts say is fueled by an imbalance between supply and demand and the scarcity of available homes. The median price of a detached single-family home rose 29.7% to $1,588,900, that’s if you can even find one for sale.

But that’s just the GTA average, and if you want to buy a home in Toronto proper, well, buckle up, because since the start of 2022 single-family home prices have inflated 22.8% to reach $1,823,900.

Citywide, the picture wasn’t as bleak (at least for buyers), with overall home prices up 20.9% year-over-year to $1,309,800. .

Condominiums are still the most affordable options for homebuyers despite rising 21.7% to $764,200 in the GTA and 17.9% to $786,700 in the 416. costly to enter the housing market, the condominium landscape remains a heated battleground.

“The condominium market is particularly competitive,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services, adding that competition is fueled by “former residents returning to the city due to back-to-work mandates.” and early buyers looking to enter the market at a more affordable price.”

And don’t expect price growth to slow anytime soon, as Royal LePage expects the overall price of a home in the GTA to jump 16.5% year-over-year in fourth quarter of 2022. The company even had to revise its previous year-end forecast to recognize the runaway housing market in the region.

A housing bill proposed by the province in March aims to speed up municipal approval processes for mid-rise residential buildings, while the Ford government has also implemented a 5% hike in its speculation tax. non-residents, now adding 20% ​​to the cost of a home purchased by a non-resident buyer.

Yolevski says these measures “will take years to show results,” though she commends the province for “taking steps to increase supply through the necessary intensification,” adding that it “will give younger buyers the hope that they will be able to buy a property in the future.”

But for now, these young buyers should probably keep dreaming.

Share.

Comments are closed.