We’re often asked by our clients to predict what will happen next in the real estate market. We’re pretty good at reviewing market stats and looking at predictive indicators so we’ve got a good sense of what will come, even in such uncertain times. Check out our latest Toronto Market Analysis if that’s of interest to you.
While past performance is no guarantee of future performance, it can be very interesting to look back on what’s happened recently. We did just that and took a look at what’s happened in the GTA in the past twelve months and boy was it ever a good time to own real estate.
The average price for a home in the GTA was about $820,000 in April 2020 and it went up a staggering 33% in the course of the next twelve months. The average price for a home in April 2021 in the GTA is now about $1,090,000. That’s $270K higher on average, in twelve months, which works out to a staggering $742 per day on average.
You read that right.
Almost $750 per day.
PER DAY.
Let’s take a look at how much it costs for each of the major housing types.
$1,111 per day in your Detached dream house
The big winner for real estate in the past twelve months has without a doubt been owners of detached homes in the GTA. The average price for a detached home in April 2020 was $982,000 and a year later in April 2021 it was up a massive $405,000 to $1.38M on average. That’s over $1,100 per day in average appreciation.
Semis are stupendous at $560 per day
Semi-detached homes make up a small part of the housing market in most parts of the GTA but they still did very well over the past twelve months, going up over $200,000 on average. The average price back in April 2020 was $864,000 and one year later in April 2021, it’s $1.07M. That’s $560 per day in average appreciation.
$627 per day for terrific townhouses
Townhouses (freehold, not condo townhouses) saw the second biggest appreciation in the past year, going up over 31% in the course of the past twelve months. In April 2020 the average price for an attached/row/townhouse was $735,000 and as of April 2021 it is $964,000. That’s $627 per day in average appreciation for these type of properties.
Condos count too…going up $310 per day
Finally, condo apartments ended the last twelve month period up considerably, gaining on average $113,000 over the course of the pandemic. This was just shy of 20% year over year average gain for condo apartments in the GTA, with the average price in April 2020 around $578,000 and it is now $691,000. That’s over $113K in appreciation in a time period where many people were hunting for more space and less neighbours, so not too shabby. It worked out to $310 per day in average appreciation for condo apartments, which is good news for those who had to wait for elevators this past year!
There were lots of predictions about what would happen as COVID impacted the GTA real estate market and anyone who predicted an average increase of 33% since the start of the pandemic probably would have been called a fool. If you’re curious as to what your home is worth now, don’t hesitate to get in touch with us.
