Twenty of 30 real estate markets in the GTA saw house prices go up by more than half – between 50 to 75 per cent – of the median income in each.
30 real estate markets across the GTA in 2022 to see how fluctuations in home prices compared to how much residents earned after taxThe report looked at home prices from the Toronto Regional Real Estate Board and looked to Statistics Canada for after-tax household incomes. The home price change was calculated by comparing 2021 to 2022 figures, the report notes.
In Toronto, home prices rose by nearly 90 per cent of the median income of residents, which is $74,000 after tax. The report notes Richmond Hill and Scugog saw an increase in house prices of more than 100 per cent of the median income, which are the only two spots in the GTA to see such steep changes.
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