Homes Bought in GTA Suburbs Before COVID-19 Jumped By Up To 48% In Value; according to Properly’s Instant Estimate
April 8th 2021
TORONTO, April 8, 2021 – Today, Properly, a tech-enabled real estate brokerage, launches Canada’s most accurate free home value calculator, Instant Estimate. Powered by artificial intelligence, Instant Estimate factors in historical sold data, proximity to services, customized home facts and other economic factors to let GTA homeowners track the estimated market value of their homes. By providing custom estimates, Instant Estimate helps homeowners determine the best time to sell, set their buying budget, and track their net worth with a real-time valuation of what is likely their biggest asset: their home.
“Our new Instant Estimate lets homeowners monitor the value of their home in real time, just by entering their street address online,” said Anshul Ruparell, Co-founder and CEO of Properly. “In addition to tracking individual home values, buyers can also see Instant Estimates for any listing in the GTA. This helps cut through the noise of today’s hot market where list prices are not reflective of selling prices. The Instant Estimate means home buyers can be more confident they’re making a competitive offer — without over- or under-bidding.”
To help illustrate the insights available to prospective homebuyers and sellers through the Instant Estimate, Properly compared the selling prices of homes bought in the six month period prior to COVID-19 (September 2019 – February 2020) with their current Instant Estimate value (April 2021). The comparison found that those who bought homes in GTA’s suburban areas in the 6-month lead up to COVID saw their investment jump by an average of 30 per cent, while those who bought in the city of Toronto saw an average increase of 16 per cent.
The Rise of the GTA Suburbs
Based on the continued realities of working from home and the desire for more space, people are relocating out of Toronto to the suburbs. Those who bought homes in Oshawa (48% increase in value), Georgina (46%), and Brock (46%) just prior to the pandemic have seen the greatest appreciation in value. Meanwhile, regions in closer proximity to Toronto, such as Vaughan (21%), Markham (22%), and Richmond Hill (22%), have seen weaker — but still impressive — appreciation.
|GTA Municipalities by Average Price Change||Median Sold PriceSept 2019 – Feb 2020||Median Instant EstimateApril 2021||Average Price Change (%)|
Curious about your home value? Use Properly’s Instant Estimate to get a real-time valuation: https://www.properly.ca/instant-estimate/
About The Data
Properly compared sold prices of homes bought in each TRREB municipality in the 6 months prior to the pandemic (September 2019 – February 2020) to their current Instant Estimate selling price on April 1, 2021. For each individual home, Properly calculated the difference in sold price to the home’s estimated market value in April using its AI-driven Instant Estimate, then provided an average by municipality. Properly Instant Estimate accuracy: R-squared: ~92%, MAPE ~7%.
Properly is a Canadian tech-enabled real estate brokerage transforming the home buying and selling
experience as the only service in Canada that helps homeowners to buy before they sell. Properly launched in 2018 with the goal of making real estate customer centric. The company is headquartered in Toronto. To learn more, visit www.properly.ca.
Linda North, email@example.com, 416-708-8012