REPORT: Toronto is Slowest Growing Housing Market in Ontario

Dated: January 5 2022

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For all of the talk about how Toronto's real estate market is getting out of control, new data shows that smaller cities and towns are overshadowing the growth. One metric shows that Toronto's housing market is the slowest-growing in all of Ontario. This news is a surprise since the city's price appreciation has been making headlines.

According to the Canadian Real Estate Association (CREA), Toronto's real estate market has ranked near the bottom in terms of five-year growth. Other cities' markets have grown at much faster rates.

Despite the city's high prices, they're still climbing at an unsustainable rate. According to the CREA, Toronto's home values have risen by almost 68% in the last five years. In contrast, the average price of homes in Bancroft increased by over 165% during the same period.

Bancroft has the fastest-growing home values of the 50 largest municipalities in Canada. An average Bancroft home will cost you around $461K and is less than the $1.2 million price tags you'll find in Toronto

Other cities such as London and Tillsonburg saw rates increase to 159% and 156%, respectively. Even with the impressive growth in these areas, there are concerns that the rate of increase is outpacing the income growth in these cities. 

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