It’s been an exceptional decade in Ontario’s housing market, with lots of ups, a few downs, and plenty of questions. Decade In Review is a deep dive into Ontario six largest housing markets from 2007 to 2017.
The decade at a glance
Low interest rates, population growth, investment and unprecedented equity gains all combined to spark one of the strongest decades for price appreciation in Ontario’s six largest housing markets.
Between 2007 and 2017, the province’s six major housing markets experienced substantial growth despite some serious challenges that included a financial crisis and subsequent recession. RE/MAX found that housing values more than doubled in the 10-year period in the Greater Toronto Area and Hamilton-Burlington, while average price rose 81 per cent in Kitchener-Waterloo; 63 per cent in London-St. Thomas; 62 per cent in Windsor; and 44 per cent in Ottawa.
“Lower borrowing costs helped to jumpstart the province’s real estate engine, creating one of the most dynamic housing markets in recent history,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX INTEGRA, Ontario-Atlantic Region. “For existing homeowners, especially those who purchased early in the decade, the equity gains realized have exceeded all expectations.”