In the latter half of the 2010s, home prices in Toronto began to rise after a period of consistent decrease. Recently, the housing market saw the largest price gain since December 2017 with a rise of 5.2 per cent. It is projected by real estate experts that housing prices are projected to continue growing into 2020 with the average price expected to exceed $900,000 for a residential property.
2019 Market
Reports have stated that more than 70,000 properties were purchased in Toronto in 2019 at an average price exceeding $800,000. These numbers reflect significant growth from the previous year, and based on existing patterns, it is reasonable to expect this trend to continue.
Influencing Factors
The rising home prices in 2017 were in part driven by government influence with policy changes designed to impact the market. However, the recent growth was largely driven by a matter of supply and demand. With fewer houses on the market, home prices naturally rose to accommodate the high demand. Additionally, higher employment rates, widespread economic growth, and an increasing population (attributed to family growth as well as immigration) have also contributed to this rise in housing prices.
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