in a row for consecutive price appreciation in Hogtown. Prices have also increased 214% since 1996, according to one real estate firm.
"The overall strength and stability of Toronto's housing market is a global anomaly," Ken McLachlan, broker-owner of RE/MAX Hallmark Ltd., said in a release. "Very few large residential housing markets can compete with the GTA's performance over the past two decades."
The average price for a Toronto home in 1996 was $198,150; the average price for a home in Ontario’s capital is now $622,217, according to the Toronto Real Estate Board. That’s a 6.21% increase when compounded over 19 years.
Population played a major role in price growth, according to the brokerage. 6,055,724 people called Toronto home in 2014, up from 4,263,757 in 1996.
“The low interest rate environment has also influenced home buying activity in the GTA,” the agency said. “While the average residential mortgage-lending rate for a five-year term hovered at approximately eight per cent in 1996, the same product can be had for under three per cent in today's competitive market.”
For his part, McLachlan is bullish Toronto’s future.
"Moving forward, there is no reason to expect the upward trend to end," McLachlan said. "In light of recent volatility in the stock market and overall economic uncertainty, we anticipate an upswing in home buying activity as investors look to tangible assets like bricks and mortar to ride out the storm.
"The strength of the US dollar will also contribute, serving as an impetus for greater investment in the Greater Toronto Area throughout 2016."