It’s no secret that GTA real estate soared to new record-breaking highs in every city over the past year, with homeowners who bought just before the pandemic seeing an unbelievably quick appreciation on their investments.
Canadian real-estate and technology company Properly decided to take a look at exactly how much those homeowners’ properties have increased in value and found that the numbers, particularly in the GTA suburban cities, are amazingly high.
To do this, Properly took the selling price of homes that sold in the six months prior to the pandemic, from September 2019 to February 2020, and compared the sale prices to each of those properties’ current value estimates.
The city of Toronto as a whole has seen a 16% increase in value, but the suburban areas on average had almost double the appreciation, going up by an average of 30%.
Homeowners who bought in Oshawa, Georgina, and Brock made out like bandits, with home values there going up by 48%, 46%, and 46%, respectively.
Areas closer to Toronto saw smaller yet still substantial growth. Vaughan increase by 21%, and Markham and Richmond Hill both went up by 22%.
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GTA homeowners (or anyone curious about the value of a specific GTA property) can use the same value estimate tool that Properly used by going to their website and plugging in the home’s address.
“Our new Instant Estimate lets homeowners monitor the value of their home in real-time, just by entering their street address online,” said Properly CEO Anshul Ruparell.
“In addition to tracking individual home values, buyers can also see Instant Estimates for any listing in the GTA. This helps cut through the noise of today’s hot market where list prices are not reflective of selling prices. The Instant Estimate means home buyers can be more confident they’re making a competitive offer — without over-or under-bidding.”
And with real estate continuing to go way over the asking price in every city across the GTA, having as much information as possible about the true value of a home can only help.