March 24th 2022
Here’s how much Toronto home values have increased during the pandemic
While daily life slowed down during the pandemic, the local housing market sped up. More people were looking to buy, but fewer properties were for sale — a discrepancy that helped drive Toronto home values up by 21% over the past two years, according to our latest report.
To better understand how much the market has changed since 2020, we used Properly’s Instant Estimate — Canada’s most accurate free home value calculator — to compare the pre-pandemic prices of Toronto homes to their estimated values today. Here’s what we found:
The average Toronto home value has gone up by $156,518
Between September 2019 and February 2020, the median selling price of a Toronto home was $748,000 (for all home types). In May 2021, the median value of those same homes had risen to $875,389. And now it’s gone up again, to $904,518.
Outside the downtown core, values have increased even more
When you spend almost all day at home (the reality for most people over the past two years, between office closures and on-and-off isolation), you start to feel cramped pretty quickly. That’s likely one of the reasons that neighbourhoods further from the downtown core, where you can typically find bigger homes for smaller price tags, have been booming.
Since early 2020, the areas that saw the highest increase in home value are Midtown (36%), York (28%), and — at a three-way tie for third place — Scarborough, North York, and the West End (24% each).
"Scarborough is known for so many of its amazing culturally diverse restaurants and take out food spots and it's always growing." -Aaron Bastiampillai, Properly Real Estate Agent
And while East End values rose the least, they also grew by a meaningful 18% in just two years.
Detached homes have been exceedingly popular during the pandemic
With many pandemic-era homebuyers looking to upgrade to a place with more space, it’s no surprise that, across the city, detached homes increased in value by 31% — compared to 28% for townhomes, 26% for rowhomes, 25% for condos, and 23% for semi-detached houses.
Detached homes don't reign supreme everywhere, though. In the popular Midtown area, townhouses increased in value by a staggering 62% — more than any other home type in any other GTA neighbourhood.*
"Townhouses provide a really functional solution for buyers that want to get out of high-rise condo living and get into a space that in some cases has a small yard and a community that can be very welcoming, especially with young families." -Sammy Kohn, Properly Real Estate Agent
Want to know your home’s value?
Property values change fast around here. If you’re curious about the current value of your home — or any place in the GTA — you can calculate it quickly, accurately, and for free, using Properly’s Instant Estimate.
About the data
Properly compared sold prices of homes bought in each of the 10 areas in Toronto (aggregates of TRREB municipalities) in the 6 months prior to the pandemic (September 2019 - February 2020) to their current valuation as of March 22, 2022. For each individual home, Properly calculated the difference in sold price to its current estimated market value using its AI-driven Instant Estimate, then provided an average by area and municipality. Homes over $3.5M were removed. Municipalities with under 25 sold properties during the September 2019 - February 2020 period were also removed. Properly Instant Estimate accuracy: R-squared: ~92%, MAPE ~7%.
*Condo townhouses (where unit owners own a stake in their condo corporation and pay monthly condominium fees).
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