{"id":13768,"date":"2021-06-09T09:00:00","date_gmt":"2021-06-09T16:00:00","guid":{"rendered":"https:\/\/www.roomvu.com\/academy\/?p=13768"},"modified":"2021-06-09T05:02:05","modified_gmt":"2021-06-09T12:02:05","slug":"whats-driving-up-real-estate-prices-in-toronto","status":"publish","type":"post","link":"https:\/\/www.roomvu.com\/academy\/whats-driving-up-real-estate-prices-in-toronto\/","title":{"rendered":"What&#8217;s Driving up Real Estate Prices in Toronto?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.roomvu.com\" target=\"_blank\" rel=\"roomvu.com noopener\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1024x178.jpg\" alt=\"\" class=\"wp-image-12734\" width=\"834\" height=\"145\" srcset=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1024x178.jpg 1024w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-300x52.jpg 300w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-768x133.jpg 768w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1536x266.jpg 1536w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-scaled.jpg 2048w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1250x217.jpg 1250w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-400x69.jpg 400w\" sizes=\"(max-width: 834px) 100vw, 834px\" \/><\/a><\/figure>\n\n\n\n<iframe width=\"640\" height=\"480\" src=\"https:\/\/www.roomvu.com\/agent\/embed\/real-estate-trends\/driving-up-prices-toronto\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe>\n\n\n\n<p>Home prices in the GTA have continued to soar, with the <strong>average selling price <\/strong>hitting <strong>$1,108,453<\/strong> in May, a <strong>28.4% increase <\/strong>from <strong>$863,563<\/strong> in 2020 (TRREB).<\/p>\n\n\n\n<p>Here is a breakdown of prices in Toronto:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Detached: A <strong>37%<\/strong> y-o-y <span style=\"color:#cf2e2e\" class=\"tadv-color\">increase <\/span>to<strong> $1,415,698<\/strong><\/li><li>Semi-detached: A <strong>22.6%<\/strong> y-o-y <span style=\"color:#cf2e2e\" class=\"tadv-color\">increase <\/span>to<strong> $1,064,361<\/strong><\/li><li>Townhouse: A <strong>26.2%<\/strong> y-o-y <span style=\"color:#cf2e2e\" class=\"tadv-color\">increase <\/span>to<strong> $866,349<\/strong><\/li><li>Condo:  A <strong>9.1%<\/strong> y-o-y <span style=\"color:#cf2e2e\" class=\"tadv-color\">increase <\/span>to<strong> $682,280<\/strong><\/li><\/ul>\n\n\n\n<p>A new report by URI and FCPP on <strong>housing affordability<\/strong> ranked Toronto among the <strong>five most expensive<\/strong> cities in the world, along with <strong>Vancouver<\/strong>. <\/p>\n\n\n\n<p>For the housing market in a city to be deemed <strong>severely unaffordable<\/strong>, the <strong>price-to-income ratio<\/strong> must be <strong>5.1<\/strong> or <strong>more<\/strong>. Toronto score <strong>9.9<\/strong> preceded only by Hong Kong (<strong>20.7<\/strong>), Vancouver (<strong>13.0<\/strong>), Sydney (<strong>11.8<\/strong>), and Auckland (<strong>10<\/strong>). <\/p>\n\n\n\n<p>Here are some factors experts believe are <strong>driving up house<\/strong> <strong>prices <\/strong>in Canada&#8217;s largest city: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Taxes <\/strong>and <strong>development charges<\/strong><\/li><li><strong>Foreign buyers<\/strong><\/li><li><strong>Low-interest rates.<\/strong><\/li><\/ul>\n\n\n\n<p><strong>Land transfer taxes<\/strong> and <strong>fees <\/strong>add <strong>$54K<\/strong> to every <strong>detached home<\/strong> sold in Toronto, also some development charges increased <strong>787%<\/strong> since 2004, adding <strong>~164K<\/strong> to a new-built <strong>condo<\/strong>. <\/p>\n\n\n\n<p>2017 figures from CMA revealed that about <strong>$37.4B<\/strong> worth of properties in Toronto is <strong>owned <\/strong>by <strong>foreign buyers<\/strong>, which contributes to <strong>unaffordable <\/strong>housing prices for many Canadians. <\/p>\n\n\n\n<p>the <strong>low interest rate<\/strong> makes <strong>mortgages <\/strong>more <strong>attractive<\/strong>, propelling buyers into the market and <strong>increasing competition <\/strong>in an uncertain time. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/www.roomvu.com\" target=\"_blank\" rel=\"roomvu.com noopener\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1024x178.jpg\" alt=\"\" class=\"wp-image-12734\" width=\"834\" height=\"145\" srcset=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1024x178.jpg 1024w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-300x52.jpg 300w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-768x133.jpg 768w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1536x266.jpg 1536w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-scaled.jpg 2048w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-1250x217.jpg 1250w, https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/04\/Banner-400x69.jpg 400w\" sizes=\"(max-width: 834px) 100vw, 834px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Home prices in the GTA have continued to soar, with the average selling price hitting $1,108,453 in May, a 28.4% increase from $863,563 in 2020 (TRREB). Here is a breakdown of prices in Toronto: Detached: A 37% y-o-y increase to $1,415,698Semi-detached: A 22.6% y-o-y increase to $1,064,361Townhouse: A 26.2% y-o-y increase to $866,349Condo: A 9.1% &hellip;<\/p>\n","protected":false},"author":1,"featured_media":13781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[917],"tags":[],"class_list":["post-13768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What&#039;s Driving up Real Estate Prices in Toronto? - roomvu Academy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roomvu.com\/academy\/whats-driving-up-real-estate-prices-in-toronto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What&#039;s Driving up Real Estate Prices in Toronto?\" \/>\n<meta property=\"og:description\" content=\"Home prices in the GTA have continued to soar, with the average selling price hitting $1,108,453 in May, a 28.4% increase from $863,563 in 2020 (TRREB). Here is a breakdown of prices in Toronto: Detached: A 37% y-o-y increase to $1,415,698Semi-detached: A 22.6% y-o-y increase to $1,064,361Townhouse: A 26.2% y-o-y increase to $866,349Condo: A 9.1% &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.roomvu.com\/academy\/whats-driving-up-real-estate-prices-in-toronto\/\" \/>\n<meta property=\"og:site_name\" content=\"roomvu Academy\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/roomvu\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-09T16:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/06\/Whats-Driving-up-Real-Estate-Prices-in-Toronto.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"723\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Academy Content Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Academy Content Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What's Driving up Real Estate Prices in Toronto? - roomvu Academy","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roomvu.com\/academy\/whats-driving-up-real-estate-prices-in-toronto\/","og_locale":"en_US","og_type":"article","og_title":"What's Driving up Real Estate Prices in Toronto?","og_description":"Home prices in the GTA have continued to soar, with the average selling price hitting $1,108,453 in May, a 28.4% increase from $863,563 in 2020 (TRREB). Here is a breakdown of prices in Toronto: Detached: A 37% y-o-y increase to $1,415,698Semi-detached: A 22.6% y-o-y increase to $1,064,361Townhouse: A 26.2% y-o-y increase to $866,349Condo: A 9.1% &hellip;","og_url":"https:\/\/www.roomvu.com\/academy\/whats-driving-up-real-estate-prices-in-toronto\/","og_site_name":"roomvu Academy","article_publisher":"https:\/\/www.facebook.com\/roomvu\/","article_published_time":"2021-06-09T16:00:00+00:00","og_image":[{"width":1200,"height":723,"url":"https:\/\/www.roomvu.com\/academy\/wp-content\/uploads\/2021\/06\/Whats-Driving-up-Real-Estate-Prices-in-Toronto.jpg","type":"image\/jpeg"}],"author":"Academy Content Team","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Academy Content Team","Est. reading time":"2 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