Mon. Aug 15th, 2022

Properties are hot everywhere in Toronto, but with residents in the center looking for more space and more affordable price, house values ​​in areas on the outskirts of the city have experienced the greatest appreciation. By comparing the purchase price of homes purchased in up to the pandemic with their current proper immediate estimate, properties purchased in Scarborough has jumped in value by as much as 25 percent, followed by York (21%) and Etobicoke (19%). On the other hand, values ​​home in Toronto Uptown has seen the lowest increase of just five percent, followed by Midtown (7%) and Downtown (8%).

“There has been an increased conversation about the sky-high housing prices in Toronto, “said Anshul Ruparell, Co-founder and CEO of Korrekt. “But what is happening is actually the opposite of what we usually assume: that people will be close to the center. Old Toronto sees the overall lowest appreciation within City of Toronto. It remains to be seen if this shift away from the core will continue, but Instant Estimate allows all homeowners in GTA to easily track the value of their homes in real time. “

To arrive at these data points, compare the selling prices of homes purchased correctly over a six-month period prior to COVID-19 (September 2019February 2020) to their present Immediate estimate value (May 2021). Here is a breakdown of home values ​​by area, including the neighborhoods in each of these areas with the highest and lowest appreciation.

*To see a complete breakdown of home values ​​across all Toronto neighborhoods, click here.

Area within
Toronto

Median
Sold price

September 2019 –
February 2020

Median
Instant
Discretion

May 2021

Avg. Price
Increase (%)

Highest performing
Neighborhoods i
Area

Lowest performance
Neighborhood in the area

Scarborough

$ 710,000

$ 915,008

25%

Scarborough Village,
+ 31%

Tam O’Shanter-Sullivan,
+ 22%

York

$ 790,000

$ 992,324

21%

Keelesdale-Eglinton
Vest, + 28%

Humewood-Cedarvale,
+ 8%

Etobicoke

$ 685,000

$ 773,743

19%

Mount Olive-Silverstone-
Jamestown, + 34%

Princess Rosethorn,
+ 13%

East York

$ 970,000

$ 1,138,064

18%

Crescent Town, + 37%

Leaside, + 5%

North York

$ 665,000

$ 758,879

17%

Glenfield-Jane Heights,
+ 34%

Bedford Park-Nortown,
+ 3%

West End

$ 953,500

1,170,700 kroner

15%

Weston-Pellam Park,
+ 27%

High Park North, + 10%

east end

$ 1,093,000

1,277,413 kroner

13%

Greenwood-Coxwell,
+ 22%

Beaches, + 9%

Downtown

$ 680,000

$ 721,709

8%

Cabbagetown-South St.
James Town, + 17%

Waterfront Communities
C1, + 5%

Midtby

$ 1,085,000

$ 1,114,965

7%

Wychwood, + 14%

Casa Loma, + 6%

Uptown

$ 1,132,000

$ 1,229,273

5%

Forest Hill North, + 11%

Yonge-Eglinton, + 4%

Properly’s Instant Estimate is Canadas most accurate free home value calculator. It uses AI technology to calculate individual home values, including historical data sold, proximity to services, property information and other economic factors. Instant Estimate helps homeowners determine the best time to sell, set their purchase budget, and track their net worth with a real-time valuation of their biggest asset: their home. Since its launch last month, Instant Estimates has been reviewed nearly 400,000 times to help people determine the real-time value of their homes.

Curious about your house value? Use Properly’s Instant Estimate to get real-time valuation: https://www.properly.ca/instant-estimate/

About the data
Correctly compared sold prices of homes purchased in each of the 10 areas in Toronto (aggregates of TRREB municipalities) in the 6 months preceding the pandemic (September 2019February 2020) at their current Instant Estimate selling price per May 1, 2021. For each home, the difference in the selling price correctly calculated the estimated market value of the house in April using its AI-driven instant estimate and then stated an average by area and municipality. Home over $ 3.5 million was removed. Municipalities with less than 25 properties sold during September 2019February 2020 period was also removed. Correct instantaneous estimation accuracy: R-square: ~ 92%, MAPE ~ 7%.

If correct
Correct is a Canadian tech-enabled real estate agent that transforms the home buying and selling experience as the only service in Canada that helps homeowners buy before they sell. Properly launched in 2018 with the goal of making real estate customer-centric. The company is headquartered in Toronto. To learn more, visit www.properly.ca.

SOURCE Correct

For further information: Media contact: Linda North, [email protected], 416-708-8012

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