Toronto real estate prices are some of the fastest growing of any global hub, but it might seem slow at home. Canadian Real Estate Association (CREA) data shows Toronto is the slowest growing market in Ontario. Small cities are growing up to 3x faster, closing the gap between the county’s economic engine. 

Toronto real estate prices have shown massive growth over the past few years. The benchmark price hit $1,188,700 in November, up 28.3% from a year ago. Any double-digit annual growth is considered very fast, but nearly a third higher? That’s huge and unprecedented for the city. Somehow that massive annual growth was the second slowest of any major market in Ontario.

On a medium term basis, Toronto real estate prices have also made a steep climb. A typical home has increased 67.8% over the past five years. Once again, the growth fails to impress in Ontario — landing it in last place of any major market. This says less about Toronto and more about the pace of home price growth across the province.

Ontario’s cottage country is where the fastest growth in the province is happening. The fastest annual growth is in Bancroft, where the benchmark reached $471,200 in November — up 47.3% from last year. Brantford follows with a typical home reaching $710,900, up 40.7% over the same period. North Bay is in third with home prices at $376,800, up 40.2% from last year. If you didn’t notice, all three markets have seen prices rise by over a third in just twelve months. 

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