Suburban Toronto homes bought pre-COVID-19 have jumped up to 48% in value
TORONTO, April 8, 2021 – Today, Properly, a tech-enabled real estate brokerage, launches Canada’s most accurate free home value calculator, Instant Estimate. Powered by artificial intelligence, Instant Estimate factors in historical sold data, proximity to services, customized home facts and other economic factors to let GTA homeowners track the estimated market value of their homes. By providing custom estimates, Instant Estimate helps homeowners determine the best time to sell, set their buying budget, and track their net worth with a real-time valuation of what is likely their biggest asset: their home.
“Our new Instant Estimate lets homeowners monitor the value of their home in real time, just by entering their street address online,” said Anshul Ruparell, Co-founder and CEO of Properly. “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.”
To help illustrate the insights available to prospective homebuyers and sellers through the Instant Estimate, Properly compared the selling prices of homes bought in the six month period prior to COVID-19 (September 2019 – February 2020) with their current Instant Estimate value (April 2021). The comparison found that those who bought homes in GTA’s suburban areas in the 6-month lead up to COVID saw their investment jump by an average of 30 per cent, while those who bought in the city of Toronto saw an average increase of 16 per cent.
The Rise of the GTA Suburbs
Based on the continued realities of working from home and the desire for more space, people are relocating out of Toronto to the suburbs. Those who bought homes in Oshawa (48% increase in value), Georgina (46%), and Brock (46%) just prior to the pandemic have seen the greatest appreciation in value. Meanwhile, regions in closer proximity to Toronto, such as Vaughan (21%), Markham (22%), and Richmond Hill (22%), have seen weaker — but still impressive — appreciation.GTA Municipalities by
Average Price ChangeMedian Sold Price Sept 2019 – Feb 2020 Median Instant Estimate April 2021 Average Price Change
(%)Oshawa $523,100 $763,659 48% Brock $453,876 $666,695 46% Georgina $545,000 $783,144 46% Clarington $549,950 $793,460 42% Scugog $625,000 $853,300 42% Whitby $646,000 $909,998 39% East Gwillimbury $751,495 $1,040,127 38% Uxbridge $729,500 $1,004,247 38% Ajax $660,000 $899,733 37% Pickering $663,600 $891,326 35% Caledon $887,000 $1,218,555 34% Halton Hills $730,000 $986,612 34% Newmarket $751,750 $1,017,658 33% Whitchurch-Stouffville $832,500 $1,114,960 31% Brampton $725,000 $927,596 30% Burlington $760,000 $1,011,836 30% King $1,320,250 $1,700,633 29% Milton $745,000 $947,687 29% Aurora $850,750 $1,116,781 28% Oakville $950,000 $1,274,532 27% Mississauga $723,000 $905,722 23% Markham $856,000 $1,071,835 22% Richmond Hill $933,000 $1,184,513 22% Vaughan $915,500 $1,133,458 21% Toronto $748,000 $875,389 16%
Curious about your home value? Use Properly’s Instant Estimate to get a real-time valuation: https://www.properly.ca/instant-estimate/
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