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Where Home Values Have Risen The Most

Where Home Values have Risen the Most

Toronto’s real estate market is perhaps the one thing that has remained robust throughout much of the pandemic. After an initial decline in sales in early spring 2020, and a very short-lived levelling off of home prices, the market roared back to life in June and has been hot ever since. The unprecedented demand for single-family homes, combined with cutthroat buyer competition due to lack of sufficient inventory, has driven prices to all-time highs in both Toronto proper and areas on the outskirts of the city.

But where have property values appreciated the most?

Comparing the purchase price of homes bought up to six months prior to the pandemic with current market values, Scarborough has seen the greatest jump — by a whopping 25% — according to a Canadian investment firm. The median sold price of a house in Scarborough between September 2019 and February 2020 was $710,000. In today’s market, you’d have to shell out about $915,000 to afford the same property. Within Scarborough, the highest performing neighbourhood is Scarborough Village at 31% appreciation.

Property prices have also increased significantly in York and Etobicoke, with home values appreciating 21% and 19%, respectively.

Conversely, home values in uptown Toronto have seen the lowest appreciation at just 5%, followed by midtown (7%) and downtown (8%). The median sold price for a property in downtown Toronto was $680,000 in the months leading up to the pandemic. Now, that same property would likely sell for just over $721,700.

This shift of interest away from the city’s core to the more spacious suburbs has resulted in the greatest appreciation happening outside the 416 area. Those who bought homes in Oshawa (48% increase in value), Georgina (46%) and Brock (46%) just prior to the pandemic have seen the greatest price growth. Meanwhile, regions in closer proximity to Toronto, such as Vaughan (21%), Markham (22%) and Richmond Hill (22%), have seen weaker appreciation, albeit still impressive.

It remains to be seen whether this shift away from the city’s core will continue as we start to emerge on the other side of the pandemic. Historically, homebuyers have wanted to be close to downtown.

Here are the top five highest performing neighbourhoods within Toronto by area (where applicable) in terms of price appreciation.

Cabbagetown-South St. James Town 17%
North St. James Town 15%
Kensington-Chinatown 14%
Regent Park 13%
Waterfront Communities (C8) 9%

East End
Greenwood-Coxwell 22%
East End-Danforth 17%
Woodbine Corridor 16%
Danforth 12%
South Riverdale 10%

East York
Crescent Town 37%
O’Connor-Parkview 19%
East York 18%
Danforth Village-East York 18%
Woodbine-Lumsden 17%

Mount Olive-Silverstone-Jamestown 34%
Thistletown-Beaumonde Heights 28%
West Humber-Clairville 28%
Rexdale-Kipling 25%
New Toronto 25%

Wychwood 14%
Annex 7%
Casa Loma 6%

North York
Glenfield-Jane Heights 34%
Humber Summit 32%
Humberlea-Pelmo Park 27%
Brookhaven-Amesbury 27%
York University Heights 25%

Scarborough Village 31%
West Hill 30%
Morningside 30%
Rouge (E10) 30%
Rouge (E11) 30%

Forest Hill North 11%
Lawrence Park South 6%
Mount Pleasant East 5%
Mount Pleasant West 5%
Lawrence Park North 4%

Keelesdale-Eglinton West 28%
Weston 27%
Rockcliffe-Smythe 26%
Lambton Baby Point 22%
Mount Dennis 21%

Do you live in a neighbourhood that’s not on this list and you want to know how it’s performing? Or are you interested in finding out what your property may be worth in today’s real estate market? Contact Clare Tattersall at 647-625-3282 or