Toronto’s Average Home Price To Be Around $2 Million By 2034
Toronto's real estate market is on a trajectory that could see the average home price reaching $2 million by 2034, according to a recent report by Zoocasa. This projection is based on an average annual increase of 5.6%, highlighting the ongoing challenges for prospective homebuyers in the city.
As of March 2024, the Toronto Regional Real Estate Board reported that the MLS Home Price Index (HPI) composite benchmark has increased by 0.3% year-over-year, with the average selling price rising by 1.3% to $1,121,615. Since 2020, Toronto home prices have consistently exceeded the million-dollar mark, with nearly half the city’s neighbourhoods experiencing average prices over $2 million. Several factors contribute to the alarming rise in home prices across the GTA such as supply and demand imbalance, interest rates, and economic conditions. Experts predict that Toronto’s housing market will continue to see significant price increases, driven by ongoing demand and limited supply.
In some neighbourhoods, such as York Mills and the Bridle Path, homes already exceed the $3.6 million mark, making a $2 million home seem relatively affordable in comparison. The projected increase in home prices will pose a significant challenge for younger generations as the competitive market continues to grow.
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