Ontario, and more specifically, the Great Toronto Area (GTA), is once again in the news for the province’s skyrocketing home value.
According to Better Dwelling, which assessed Canada’s home value based on data from Statistics Canada, the country’s combined home value sits at $6.1 trillion. This is a 2.5 percent or $146 billion increase from last year.
— Better Dwelling (@BetterDwelling) November 26, 2021
In total, home prices are valued at more than 300 percent of Canada’s gross domestic product (GDP).
“In contrast, US housing was worth just 170 percent of its GDP over the same period. As pricey as American real estate is, the value of home prices relative to its economy is almost half that of Canada,” says BetterDwelling in its report.
As expected, 46.6 percent of this value is concentrated in Toronto. With this number in mind, the province makes up 38.26 percent of Canada’s population. In its report, BetterDelling describes home value situation in Ontario as the “most insane housing market in Canada.”
Coming in at number two in British Columbia with 23.5 percent of Canada’s home value at $1.4 trillion. Roughly 13 percent of Canada’s population lives in B.C.