Year |
Average % Price Increase |
Average Price |
|
2006 |
5 |
350,645 |
|
2005 |
7 |
334,994 |
|
2004 |
7 |
314,427 |
|
2003 |
7 |
293,358 |
|
2002 |
10 |
275,371 |
|
2001 |
4 |
250,689 |
|
2000 |
6 |
241,412 |
|
1999 |
5 |
228,372 |
|
1998 |
3 |
216,815 |
|
1997 |
7 |
211,307 |
|
1996 |
-2 |
198,150 |
|
The table above shows that prices have increased steadily since 1997, nearly 10 years of unprecedented growth. These figures give an overall trend of the average prices of single family residential prices in the Toronto and GTA marketplace.
Of note is the fact that although the central core prices of real estate have escalated at a much higher rate than the values above. TREB (the Toronto Real Estate Board) has continued it's expansion of MLS boundaries and therefore the average prices above take into account cities and towns that are much further out from the core that have much lower average prices compared to the city core. This shows how great of an impact the high prices in the central city have on the overall price. I don't know exactly how many kilometers of outward growth that TREB experienced over the past 10 years, but I would guess that at least tens of thousands of new properties have been taken into account when calculating the year over year figures.
If prices from 2007 for the next 5 years were to increase at an annual rate of 4% then the average price would be over $460,000 in 2013. The graph below shows this estimated price incrase
Below is a Graph showing TREB Historical Average Price Data
See the Average Price Cycles
from January 1995 to Date - a very interesting cyclical pattern is clearly
seen!
See how the historical 1 year mortgage interest rate
compares to the 5 year rate
This information is taken from the TREB (Toronto Real Estate Board) average price figures that are published on a monthly basis for members like myself.
I hope you have enjoyed reading this page.
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