Residential unit sales in the Greater Toronto housing market have doubled and average price has increased more than 450 per cent since 1996, as strong demand and limited supply continue to drive rapid price escalation throughout the 416 and 905 area codes, according to a new report released by RE/MAX Canada.

Between 1996 and 2021, more than two million homes sold in the GTA, representing a dollar volume in excess of $1.1 trillion. Average price has soared over the 25-year period, rising close to 453 per cent, from $198,150 in 1996 to $1,095,475 in 2021, at a compound annual growth rate of 7.08 per cent. Statistics Canada reports the Toronto CMA reached 6,202,225 in 2021, an increase of 45 per cent over the 1996 Census figure of 4,263,759.

The RE/MAX Canada Quarter Century Market Report analyzed home-buying activity in the nine Toronto Regional Real Estate Board (TRREB) districts that comprise the GTA – Toronto East, Toronto West, Toronto Central, Durham, Halton, Peel and York Regions, and Simcoe and Dufferin Counties – and found land availability, especially in the city’s core and bedroom communities, has waned. This, as migration, low interest rates, and affordability continue to play a critical role in the growth of the GTA. Triple-digit increases in sales were noted in Toronto Central, Halton Region, York Region, Simcoe County and Dufferin County over the past 25 years, while average sale prices reached new heights across the greater Toronto housing market, with percentage increases climbing between 1996 and 2021, from a low of 301 per cent in Toronto Central, to a high of 874 per cent in York Region.

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