“Decade in Review: Jaw-Dropping Real Estate Price Increase in the Greater Toronto Area”

The Real Estate Boom in Ontario: A Decade in Review

It’s no secret that real estate prices in the Greater Toronto Area (GTA) are at jaw-dropping highs. But just how much they’ve risen in the last 10 years may seem downright shocking.

RE/MAX released its Decade in Review Report on Wednesday, revealing the staggering increase in home prices in Ontario since 2007. According to Christopher Alexander, Executive Vice President and Regional Director at RE/MAX Integra, many markets saw massive gains over the last decade.

Toronto’s six biggest markets all experienced significant increases in real estate prices, with the GTA leading the way. The average home price in the GTA soared from $376,236 in 2007 to $822,681 in 2017.

Alexander attributes the rise in prices to the Toronto area becoming increasingly attractive to families, new immigrants, and foreign investors. He notes that Canada’s attractiveness increased for foreign investors when the dollar took a hit a few years ago, making the country a safe haven for their money.

The GTA’s impact on surrounding cities like Hamilton has been remarkable. Limited inventory in Hamilton-Burlington, Kitchener-Waterloo, London-St. Thomas, Windsor, and Ottawa led first-time buyers to seek homes outside of Toronto, with one in every four buyers in Hamilton-Burlington coming from the GTA.

While Toronto led the growth in Ontario, all markets experienced above-average growth during the same period. Despite concerns of a housing bubble, Alexander believes that external factors such as low interest rates, strong GDP, and immigration will sustain the market’s strength.

Looking ahead, Alexander predicts that Ottawa is poised for a boom, with a potential 50% price increase over the next decade. He emphasizes that there’s no wrong answer for those looking to buy property in the region, as Canada continues to attract people from around the world.

In conclusion, Alexander encourages potential buyers to seize the opportunity to enter the market now, as Ontario remains an incredible place to live with promising real estate prospects.