According to Zoocasa.com, Toronto’s home prices have increased by an averaging at 5.6% over the past decade, a pace that could push the average selling price of homes in Toronto to $2 million by 2034.
“Interest rates play a big part in pricing. As rates come down, home prices go up,” the report said. “In the case that rates do begin declining this year, we can anticipate a corresponding price increase in the market overall, meaning we can reach this multimillion-dollar average home value even faster.”
The Toronto Regional Real Estate Board's March 2024 report indicates that the benchmark price of a single-family detached home in Toronto is now $1,708,800.
Though the market is hurtling toward the $2 million average, the notion of homes exceeding this benchmark is hardly groundbreaking, according to Zoocasa.
“Looking at the past two years, average home prices in 43 per cent of Toronto’s neighbourhoods have surpassed $2 million,” the report said.
Single-detached homes in High Park-Swansea, Roncesvalles and Parkdale, for example, average around the $2.01 million mark, representing the lower end of the spectrum for areas with an average price hovering near $2 million.
More affluent districts such as Rosedale and Moore Park command significantly higher prices, averaging around $3.96 million in February.
