This week we are hearing great news for those who already own a home or condominium in Toronto, or are interested in investing in the market. In just half a decade between 2014 and 2019, values have increased by more than 100%.

The Zoocasa Real Estate Report released some recent figures showing the outstanding growth. Out of the 35 multiple listing service (MLS) districts, 8 doubled prices over the past 5 years, and 30 jumped by 50% overall. The top 8 include:

1. West Hill and Centennial
2. Scarborough Village annd Guildwood
3. Malvern and Rouge
4. Willowridge, Martingrove and Richview
5. BirchCliff
6. Yorkdale, Glen Park and Weston
7. Black Creek and York University Heights
8. Rexdale-Kipling and West Humber-Claireville

It has been suggested that the main factors influencing this price boom include the strong economy, heavy migration, low rental vacancy, and investment of real estate as an asset. As migration increases corresponding with the highest wages we have seen to date, Toronto is becoming an even better place to live, work and most importantly invest.

Tune in for our upcoming video featuring Matt Elkind, to hear more regarding how many of these factors are being driven by the technology industry and its rising presence in Canada.

Not only have prices increased across homes overall, but it is worth noting that the strongest growth (50-100%) is seen through condominiums as opposed to detached homes. According to the Toronto Real Estate Board, Toronto house prices have increased by 42%, averaging $821,198 in 2014 and now $1,167,968. Condo prices were on average $379,002 and this year reaching $627,927 resulted in an increase of 66%.

As detached and semi-detached homes become more and more out of reach for buyers, the condo market is maintaining it’s reputable position.