In 1996, the average price for a home in the GTA was $198,150. Today, it’s $1,095,475.
Skyrocketing prices over the last 25 years were fuelled by strong demand and limited supply, a new report by Re/Max Canada found. Since 1996, residential unit sales have doubled and the average price has increased by 453 per cent.
Between 1996 and 2021, more than two million homes were sold in the GTA, representing a $1.1 trillion boom for the real estate market.
“Performance of the GTA housing market over the 25-year period has been nothing short of remarkable,” said Christopher Alexander, president of Re/Max Canada, in a press release. This is especially so when considering this time period was characterized by the tech meltdown of 2000, 9/11, SARS, the Great Recession of 2008, Ontario’s Fair Housing Plan and the ongoing pandemic, he added.
While costs are shooting up, Alexander said the average annual growth rate is 7.08 per cent, which is the “best pocket” to be in as it’s not too strong and is still positive – meaning homeowners make “a bit of equity every year.”
