The rental market in Thornhill has seen corresponding changes. As homeownership rates declined, the percentage of renters increased from 74% in 2013 to 79% in 2022. This shift towards renting has been accompanied by a steady rise in average rent prices, from $947 per month in 2013 to $1,066 in 2022, a 12.6% increase. The growing renter population, which expanded from 2,490 in 2013 to 3,364 in 2022, has likely contributed to the upward pressure on rent prices.

Recent data shows that the average home price in Thornhill reached $289,825 in 2023 and further increased to $294,021 in 2024, indicating a continued upward trend in property values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and market dynamics in the neighborhood.

Predictive models forecast that average home prices in Thornhill will continue to rise over the next five years, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $325,000 to $340,000, assuming current economic conditions persist. For rent prices, the forecast suggests a continued upward trajectory, with average rents potentially reaching $1,200 to $1,300 per month by 2029.

In conclusion, Thornhill has experienced a significant shift towards a renter-majority population over the past decade, driven by rising home prices and fluctuating interest rates. The inverse relationship between homeownership rates and property values, coupled with the steady increase in both population and rent prices, paints a picture of a neighborhood in transition. As we look to the future, the interplay between these factors will likely continue to shape the real estate landscape of Thornhill, with potential implications for community demographics and housing affordability.