Toronto Detached Homes Cost $1 Million (or 356%) Less 20 Years Ago

Hyder Owainati
by Hyder Owainati May 11, 2016 / No Comments

While the Toronto real estate market, and its future, can be a provocative topic rife with speculation around its sustained boom or impending bust, one thing is certainly not up to debate: How dramatically home prices have climbed over the past two decades.

Digging up housing data from the Toronto Real Estate Board (TREB) over the last 20 years—even before Richmond Hill was on the map, literally—TheRedPin tracked detached home price performance between 1996, 2006, and 2016, respectively. (Prices quoted are for Feb. 1996, Feb. 2006, and Feb. 2016.)

What the brokerage found was quite astonishing, as the average price of a single-family home in the City of Toronto climbed 356%.

The average price of a Toronto detached home in Feb. 1996 was $265,822, close to $1 million less than what detached properties changed hands for in Feb. 2016. Even after accounting for inflation, 1996 prices hover around $384,165, which is less than the value of an average condominium in today’s market.

A detached home in Toronto in 2006 was $526,909—or $620,094 when converted figures into 2016 dollars.

When branching out beyond the bounds of Toronto and analyzing prices across the Greater Toronto Area (GTA), there was a clear pattern. Between 1996 and 2016, Aurora saw detached houses spike 334%. Oakville was up 355%, while the districts that collectively make up modern-day Richmond Hill rose 317%.

It’s important to note, however, these figures are specifically for detached homes—easily the most coveted property type in the region, as well as the most prone to substantial price spikes.

A big driver behind monumental price gains over the years comes down to supply. While new high-rise condominiums continue to rise, keeping pace with demand, construction of new low rise family homes has been dwindling. Inventory of newly constructed detached, semi and townhomes in the GTA plummeted to 3,036 from 15,000 over the past 10 years.

View the map below to see how the average price of detached homes have changed in the GTA over the past two decades:

Brampton

Year Average price
1996 $190,297
2006 $356,979
2016 $648,461

Mississauga

Year Average price
1996 $224,935
2006 $463,100
2016 $889,524

Toronto

Year Average price
1996 $265,822
2006 $526,909
2016 $1,211,459

Oakville

Year Average price
1996 $257,742
2006 $574,198
2016 $1,171,571

Milton

Year Average price
1996 $233,500
2006 $376,783
2016 $712,150

Burlington

Year Average price
1996 $178,000
2006 $366,962
2016 $812,541

Halton Hills

Year Average price
1996 $254,500
2006 $355,609
2016 $641,418

Vaughan

Year Average price
1996 $279,394
2006 $499,149
2016 $1,129,173

King

Year Average price
1996 $260,731
2006 $586,540
2016 $1,216,055

Newmarket

Year Average price
1996 $222,261
2006 $379,124
2016 $813,204

Aurora

Year Average price
1996 $253,510
2006 $473,576
2016 $1,100,210

Markham

Year Average price
1996 $301,528
2006 $475,838
2016 $1,243,643

Richmond Hill

Year Average price
1996 $302,400
2006 $506,276
2016 $1,261,164

Pickering

Year Average price
1996 $210,946
2006 $352,201
2016 $727,248

Ajax

Year Average price
1996 $167,674
2006 $307,209
2016 $614,095

Whitby

Year Average price
1996 $176,964
2006 $310,452
2016 $601,611

Oshawa

Year Average price
1996 $129,003
2006 $219,094
2016 $442,597

Uxbridge

Year Average price
1996 $187,615
2006 $379,453
2016 $740,869

East Gwillimbury

Year Average price
1996 $185,473
2006 $363,208
2016 $713,159

Caledon

Year Average price
1996 $239,461
2006 $455,440
2016 $849,276

Whitchurch-Stouffville 

Year Average price
1996 $228,407
2006 $493,997
2016 $842,101

TheRedPin.com is a full-service real estate brokerage that carries the largest database of residential listings in the Greater Toronto Area. Sign up to its newsletter simply by clicking here.

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Flickr: André Carrotflower