The Home Equity Boom: A 5-Year Snapshot
If you own a home in Canada since 2018, it is likely that the value of your property has increased significantly. This increase in value also means that your home equity has gone up a lot. According to a recent study by Zoocasa, homeowners in 15 major Canadian housing markets who purchased properties in July 2018 have, on average, experienced substantial equity growth over the past half-decade.
The Ontario Surge: Focus on the Greater Toronto Area
The province of Ontario, particularly homeowners in the Greater Toronto Area, leads the way in property value appreciation. In July 2018, the average benchmark price for a home in the GTA stood at $759,000. Fast forward to 2023, and that figure has skyrocketed to $1,161,200—an equity increase of a staggering $401,700.
Emerging Property Hotspots: Beyond Toronto
The pandemic-induced desire for more space and affordable pricing drove property values in smaller cities as well. For instance, homes in the Hamilton-Burlington region have appreciated by $314,400 since July 2018. Home values in areas like Kitchener-Waterloo, London, and St. Thomas have also made significant strides, enriching homeowners by hundreds of thousands in equity.
Property Value Calculator: Know Your Home’s Worth
Curious about your property’s current market value? At RE/MAX Success Realty, we offer a precise property value calculator that helps you gauge your home’s worth, an essential step in understanding how to use home equity to build wealth. Check it out today.
Across the Country: Broad-based Gains
Outside of Ontario, homeowners in British Columbia and even Montreal have been beneficiaries of the rising property values. The value of homes in cities like Victoria and Vancouver has risen by nearly a quarter-million dollars since 2018.
What’s Next: Market Trends and Future Predictions
The Toronto housing market showed signs of cooling this August with a modest 0.3% increase in prices compared to July 2023. The question remains: will the market sustain its growth amid fluctuating interest rates and other economic factors?
Building Wealth Through Home Equity: A RE/MAX Success Realty Guide
With fluctuating market conditions, it’s crucial to stay updated on your property’s worth and market trends, especially for homeowners in the Greater Toronto Area. RE/MAX Success Realty is your go-to resource for expert advice and tools like our property value calculator, ensuring you make informed decisions that maximize your investment.
Leverage the equity in your home to create new wealth-building strategies. At RE/MAX Success Realty, we’re committed to helping you navigate these complex financial landscapes so you can achieve your long-term financial goals.
