Why property prices are rising since 2019
According to Toronto Regional Real Estate Board, property prices have increased by 100 percent in less than three years.
A limited supply of houses for sale and a lower interest rate, paired with rising demand as COVID-19 pandemic restrictions are lifted, has caused real estate prices in Toronto to skyrocket over the past few months—and nowhere has this been observed more acutely than in the detached housing market. Over the past six months, the value of single-family detached homes has increased in 95 percent of Greater Toronto real estate districts, with 55 percent of them increasing by double digits.
Because of the sudden increase and lower interest rates, investors and homeowners refinanced their homes, taking money out of their homes and booking new houses. As a result, there is a high demand for property in Ontario.