In 2022, the majority of the Greater Toronto Area (GTA) experienced a rise in home prices that exceeded what most residents earn in one year, according to a recent real estate report.

Zoocasa, a Canadian real estate website, looked at 30 real estate markets across the GTA in 2022 to see how much home prices fluctuated compared to the after-tax income of residents. From there, the report compared how much home prices increased relative to household income.

The report also examined home prices from the Toronto Regional Real Estate Board and looked to Statistics Canada for after-tax household income, noting that the report calculated home price changes by comparing 2021 to 2022 figures.

Twenty out of 30 real estate markets in the GTA saw home prices rise by more than half — between 50 to 75 percent — of the average income in each.

In Toronto, home prices rose by about 90 percent of the average income of residents, which is $74,000 after tax.

Homeowners living in East Toronto also saw the highest increase relative to income at nearly 100 percent, while Central Toronto saw the smallest difference, just over 71 percent.

The report indicated that Richmond Hill and Scugog experienced home price increases of over 100 percent of average income, being the only two locations in the GTA with such sharp changes.

In Richmond Hill, where the average income is $89,000, home prices jumped by $91,706 in 2022, representing about 103 percent of residents’ earnings. At the same time, in Scugog, home prices rose by $133,063 — nearly 145 percent of the $92,000 average income.

Also, according to the report, there were only three areas in the GTA that saw year-over-year declines in home prices: Caledon, King, and Oxbridge. The latter saw the largest drop, with home prices decreasing by $63,115, or about 64 percent of the average income.