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80% increase in the price of apartments in Toronto in the last 5 years

According to the new report from Zoocasa, the prices of the apartments in Toronto has risen approximately 80% in the last years.

Every time is more evident tat living in Toronto is expensive, the real estates continue being the pain in neck of its inhabitants and the new data from Zoocasa shows how the prices of the apartment and uni-family houses have changed in the last five years and it is safe to say that the prices have definitely increased.

The research was based on the reference prices of the houses for apartments and uni-family houses in 15 Canadian cities in the last five years. Toronto experienced an important increase and 7 of the 15 markets also felt a rise of 50% or more in the reference price for uni-family houses, with the Niagara region on top.

Most of the cities included in the research are in the South of Ontario. Nevertheless, Fraser Valley, BC, experienced the biggest increase in five years, it was a rise of the prices of 104%.

Toronto saw an increase of 78% on apartments, therefore, the average price is now about $592,900 and, regarding the uni-family houses, the Niagara region experienced the biggest increment, the prices almost duplicate with an incredible rise of 95% in five years to reach $490,500 on 2020. Behind this, Hamilton-Burlington had an increase of 71%, Guelph with 63%, Fraser Valley with 62%, Ottawa with 53% and Victoria with 50%.

About the uni-family houses, the prices in Toronto increased 51% while the reference prices of uni-family houses in Montreal, Greater Vancouver and Winnipeg also rose, but a respectively 46%, 28% and 17%

In spite of the increase of the price on the houses, recently, the Canadian Mortgage and Housing Corporation (CMHC) reported that due to the increment of unemployment and a slower incoming migration that impacts the real estate demand in the market as a result of the health crisis, it is probably that the housing prices decrease in the coming months.

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