Based on the ongoing realities of working from home and the desire for more space, many people are relocating out of Toronto to the suburbs, driving home prices up.
Properly, a tech-enabled real estate brokerage, compared selling prices in the six-month period prior to COVID-19 to their April 2021 estimate. The numbers were tracked with the company’s new AI-powered value calculator called Instant Estimate, which factors in historical sold data, proximity to services, customized home facts and other economic factors.
For people who bought homes between September 2019 and February 2020, greatest increases were seen in Oshawa (48% up in value), Georgina (46%), and Brock (46%).
Regions in closer proximity to Toronto, such as Vaughan (21%), Markham (22%), and Richmond Hill (22%), have seen weaker — but still high— appreciation.
On average, homeowners saw their investment jump by 30 per cent, while those who bought in the city of Toronto saw an average increase of 16 per cent.
According to Co-founder and CEO of Properly Anshul Ruparell, the calculator tracks individual home values in real time and allows buyers to see estimates for any GTA listing so they can avoid over- or under-bidding. “This helps cut through the noise of today’s hot market where list prices are not reflective of selling prices,” he said in a press release.