Toronto Real Estate Trends and Information
Toronto was the Census Metropolitan Area (CMA) with the largest share of dwellings in high-rise buildings (those with five or more stories). Nearly 3 in 10 dwellings in Toronto were in high-rise apartment buildings. The Census Report(2016) of Census Metropolitan Areas categories the dwellings into. The total number of occupied private dwellings in Toronto:
- Total Dwellings: 2,135,910
- Share of Single-detached houses: 39.6%
- Percentage of Apartments: 29.4%
Toronto Housing Market
- The average home sold prices of $1,070,911 only saw a slight increase from July, with prices up 13% from last year.
- Sales activity continued to slow in August, with sales down 20% year-over-year and down 8% from July.
- Detached home prices increased by 21% year-over-year to $1.42M.
- Semi-detached home prices increased by 14% year-over-year to $1.03M.
- Townhouse prices increased by 32% year-over-year to $977k.
- Condo apartment prices increased by 9% year-over-year to $689k.
Single Family Detached House
- Average Price: $1,423,807
- Price Change: 21.4% increase
- Sold Percentage: 31.8% decrease
- New Listings Percentage: 46.3% decrease
- Average Price: $1,031,580
- Price Change: 13.9% increase
- Sold Percentage: 29.5% decrease
- New Listings Percentage: 46.1% decrease
- Price Change: 31.6% increase
- Sold Percentage: 58.6% decrease
- New Listings Percentage: 46.2% decrease
- Price Change: 9.4% increase
- Sold Percentage: 11.3% increase
- The average rent for a 1-bedroom apartment in Toronto, ON is currently $1,800. This is a 12% decrease compared to the previous year.
- The average rent for a 2-bedroom apartment in Toronto, ON is currently $2,250. This is a 15% decrease compared to the previous year.
Property Type Distribution
Toronto’s population density is 4,334 people per kilo square meter, and the total population counts as 2,819,723 (the year 2020), making it the most populated city in Canada. There was a 0.78% increase in the population during the period 2019-2020.
- Age & Gender: Toronto is a youthful city. From an age perspective, in 2016, individuals aged 14 years and under made up 14.5 percent of the total population, and those aged 65 years and over made up 15.6 percent. The majority population falls in the age group of 15 to 64 years. The median age was 39.4 years, and the average age was 39.7 years. 48% of the population is male, while 52% are female. Women outnumber men in all age groups 15 and older.
- Diversity and Religion: In 2016, the U.N. Development Program ranked Toronto second in its list of cities with the highest rate of foreign-born populations, behind Miami in the United States. It ranks higher than other multicultural cities or countries like Los Angeles, Vancouver, New York, and Singapore. Toronto is a highly diverse city, with a huge number of ethnic and cultural groups living there. In 2016, the three most common ethnic origins overall were Chinese (12.5%), English (12.3%), and Canadian (12%). The religious makeup of Toronto is: No religion (24.2%), Christian(54.1%), Muslim(8.2%), Hindu (5.6%), Jewish(3.8%), Buddhist (2.7%), Sikth(0.8%), Other(0.6).
In 2019, the Survey counted 76,560 business establishments in the city, a net increase of 920 establishments or 1.2%. The 2019 Toronto Employment Survey counted 1,569,800 jobs, increasing 46,920 jobs or 3.1% from 2018. There are four Centres which are home to 82,320 jobs or 5.2% of employment in the city:
- North York Centre is Toronto’s largest Centre with 35,920 jobs, comprising 2.3% of jobs in the city.
- Scarborough Centre Employment in Scarborough Centre totaled 16,830 jobs in 2019, comprising 1.1% of the City’s total.
- Yonge-Eglinton Centre is Toronto’s second-largest Centre by employment, with 18,720 jobs or 1.2% of the City’s total.
- Etobicoke Centre is the smallest Centre in Toronto, but has grown the fastest of all Centres since 2014 (3.1% per annum), adding 1,470 jobs. The Centre has 10,850 jobs total, representing 0.7% of employment in Toronto.
In terms of accessibility, being located in close proximity to both regional GO Transit stations and local TTC lines proved essential for each establishment. Firms asserted that they could not compete for labor if they were located in a suburb or far from transit. Regarding GO Transit specifically, being located near Exhibition Station for Liberty Village establishments and Union Station for establishments Downtown, enables access to labor from the entire Greater Golden Horseshoe area. This allowed firms to establish partnerships and recruit from various higher education institutions outside of Toronto, such as the Universities of Waterloo and Guelph. Access to GO Transit was often a higher priority than access to the TTC.
The Education sector is one of the city’s largest employers, with 1,400 educational establishments, related businesses, and more than 100,000 employees. Total annual wages for the sector are $7.2B.
Toronto is home to four publicly-funded universities and one private university:
- Northeastern University Toronto
Toronto has more than 140 private career colleges that offer certificate and diploma programs in fields such as business, health services, human resources, applied arts, information technology, electronics, trades, and services.
- The Toronto District School Board
- The Toronto Catholic District School
In addition to publicly-funded educational institutions, Toronto has many private schools that offer elementary and secondary school programs.
- Toronto is the leading tourism destination in Canada. In 2018, Toronto welcomed over 27.5 million visitors:
- 9.5 million were overnight visitors; 18.1 million were day visitors.
- Total hotel nights sold reached 6.4 million.
- 6.5 billion dollars in visitor spending.
- 10.3 billion dollars in total economic impact for Toronto.
- CN TOWER: Canada's symbol, Toronto's iconic attraction, and the third tallest structure in the world completed in 1976.
- Toronto Islands: Chain of small islands located in Lake Ontario, south of Toronto.
- St Lawrence Market: City's most significant market was established in mid 19th century; this is one of the most important historical sites in Toronto, comprising three buildings, all having different purposes.
- Hockey Hall of Fame: Museum dedicated to the history of Ice Hockey.
- Royal Ontario Museum: Canada's largest museum opened in 1914; ROM is a museum of arts, culture, and natural history, attracting more than a million visitors annually.
- Ripley's Aquarium of Canada: Located in downtown Toronto, the aquarium offers lots of aquatic exhibits, including an underwater walkway.
FAQ (Toronto Real Estate)
- What is the population of Toronto ?
The total population of Toronto in 2020 was 819,723.
- What is the rent for a one-bedroom apartment in Toronto ?
The monthly rent for a one-bedroom apartment is $1800.
- What is the average price of houses in Toronto ?
The average price of all housing types in Toronto is $1,070,911.
- What is the average price of condo apartments in Toronto ?
The average price of Condo Apartments in Toronto is $688,568.
- What is the percent change in the average price of all house properties ?
There is a 13% increase in the average price of all house properties.