Sat. Jul 13th, 2024

Decade of Soaring Home Prices Across Ontario: A Detailed Review of the Market

Over the past ten years, Ontario has witnessed a significant surge in home prices, particularly in the Greater Toronto Area (GTA). The latest figures from the Canadian Real Estate Association reveal that the average resale home price in Ontario soared to $889,033 in March 2024, a substantial climb from the benchmark price of $416,300 in March 2014.

This more than $400,000 increase is echoed across various markets within Ontario, with the GTA experiencing particularly dramatic rises. The Toronto Regional Real Estate Board reports that the average price of a GTA home reached $1,121,615 last month, up from $557,684 in March 2014—an increase surpassing half a million dollars.

Notable price escalations have also been recorded in major cities within the GTA. Toronto’s average price jumped from $597,401 in 2014 to $1,087,017 in 2024. Similarly, Mississauga saw an increase from $497,051 to $1,056,300. Other cities witnessing significant growth include Brampton, Oakville, Burlington, Milton, Halton Hills, and Hamilton, each posting increases ranging from nearly double to more than triple the prices from a decade ago.

The trend of rising prices is not limited to the urban centers. More rural areas like Brock and Clarington have seen their average selling prices skyrocket, with increments noted in Uxbridge and the Niagara Region as well, though Niagara remains relatively more affordable.

In York region, cities like Markham and Richmond Hill saw their home prices climb to $1,168,851 and $1,415,590, respectively, in 2024 from less than three-quarters of a million in each case in 2014. Similarly, Vaughan’s prices rose significantly from $705,984 to $1,303,584 over the decade.

Even with these steep increases, experts from the Toronto Regional Real Estate Board predict further price growth. Jason Mercer, the chief market analyst, highlighted that as market dynamics evolve with sales growth catching up to listings and lower borrowing costs anticipated, more pronounced price escalations are expected, particularly in the latter half of the year.

These figures underscore a sustained upward trajectory in Ontario’s housing market, driven by a combination of limited supply and robust demand.

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