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Prices of homes continue to grow faster than household incomes in Toronto

According to the TRREB, the average price of a house in Toronto has hit a new high of $996,000. Real estate prices have been rising unchecked, even in the pandemic when hundreds of thousands of people have lost jobs.

By Anastasia Andric

March 2, 2021
at 2:07 PM

The average price of a house in Toronto has reached a new high at just under a million, according to the February numbers released by the Toronto Regional Real Estate Board (TRREB). Toronto is reported to be one of the most expensive cities in the world to live in, coming in fifth place worldwide. The report also found that the average price of a detached home in Toronto is around $1.5 million, as homes’ prices continue to rise faster than household incomes. It has also been reported that real estate prices skyrocketed in 2020 in comparison to 2019, as prices soared by almost 10%.

Do you think the real estate market in Toronto is fair?

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Anastasia Andric

Anastasia is a curious and enthusiastic storyteller, with a degree in Journalism from Ryerson University. She has a love for the news and is passionate about reporting on issues that matter. She is dedicated to informing the public with accurate, timely, and relevant news. She is not afraid to dig deep and ask the tough questions to get to the real story.