GTA homes continue to increase in value: report
Published April 8, 2021 at 9:59 pm
While rent prices have declined in many parts of the GTHA, home prices have increased, as many people are looking to increase space due to pandemic-related restrictions.
On Thursday (April 8), Properly, a tech-enabled real estate brokerage, released a free home-value calculator intended to help homeowners track the estimated market value of their homes.
With many people still working from home, the desire for more space is pushing people away from large cities and into less populated, suburban areas.
Because of this, cities on the fringes of the GTA have seen average home prices increase significantly.
According to the results, from September 2019 to February 2020, the average home in Mississauga sold for $723,000, while the average estimated value for Mississauga homes as of April 2021 is $905,722—an increase of 23 per cent.
Additionally, in Brampton, the average price for homes sold during the same time was $725,000, while the average estimated home value as of April 2021 is $927,596—a 30 per cent increase.
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In Halton, the estimated value for homes increased across all four municipalities—Oakville saw the smallest increase, the average home sold for $950,000 during the aforementioned dates, and the current average estimated value is $1,274,532—a 27-per-cent increase.
In Milton, the average home sold for $950,000, while the average estimated value is currently $1,274,532—a 29-per-cent increase.
In Burlington, the average home sold for $760,000, and the current average estimated value is $1,011,836—a 30-per-cent increase.
Finally, Halton Hills so the most dramatic increase for the region, the average home sold for $730,000, while the current average estimated value is $986,612—a 34-per-cent increase.
“Our new Instant Estimate lets homeowners monitor the value of their home in real time, just by entering their street address online,” Anshul Ruparell, co-founder and CEO of Properly, said in a news release.
“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 homebuyers can be more confident they’re making a competitive offer—without over- or under-bidding,” he continued.
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