Here’s how drastically home prices in Toronto have changed in the past 30 years

A study by RATESDOTCA compares real estate prices in Toronto from 1994 to 2024, revealing a 205% increase in home prices while household incomes rose by 32%. In 1994, homes cost five times the median income, now it's 12 times. The average home price in 2024 is $1,111,944, up from $196,731 in 1994. Despite increased housing supply, prices remain high due to demand, regulatory barriers, and building costs. Recent data shows a rise in listings but a decrease in home sales compared to the previous year.