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The Toronto area market is blooming
It's still expensive to buy a home in Toronto but we're no longer the most costliest place on the real estate block. That honour belongs to Vancouver, where a detached bungalow now sells for an average of $758,000. You can get the same type of place in Toronto for $387,744.
That's a big difference, but there's also a big similarity - it's a sign of how strong the real estate market still is all over the country.
A new survey by Royal LePage shows home prices are up everywhere across Canada. Bungalow prices in the GTA, aided by high demand and limited good properties, soared by 5.7 percent in the first quarter over what they were a year ago. Condo sales have skyrocketed, too.
The study predicts another record year, likely good news for sellers and bad for buyers.
Where's the biggest demand?
"Leaside is very popular and there aren't that many listings out there now," explains Royal LePage's Darryl Mitchell. "Riverdale, The Annex, the West Village areas are now getting the highest prices."
But affordablity is in the eye of the beholder's wallet.
The numbers show you'll pay almost $388,000 for a detached bungalow and nearly $489,000 for a 2-storey home. But you'll really notice the difference if you buy a condo in the city. The average price is now $269,000, an increase of 7.2 percent.
But that's nothing compared to what's happening out west.
House prices in boomtowns like Calgary and Edmonton have skyrocketed, while buyers in Saskatoon and Winnipeg are paying more, too.
But despite the high costs, people can't buy the properties fast enough. "Obviously with the way the market is and the lack of listings, they can be sold within a week if they're properly priced," observes Mitchell.
And it's likely to stay that way into the foreseeable future, as house prices continue to hit home.
March 31, 2007 in Toronto Real Estate Update | Permalink
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Comments
Mr. Billy, don't think you're too smart. If house prices keep going up you'll be renting for a good 10 years :)
Posted by: Mikey | Apr 11, 2007 3:25:40 PM
You got to love this bubble. I just sold my second home and made over $100000 in three years for doing nothing. Hey it beats working for a living. Now I think it's time to wait for the bubble to pop like it has in the US and back back for half price. It amazing how people are stupid but if everyone were smart I would have to work for a living. Thank-you dummies for the housing bubble.
Posted by: Billy | Apr 7, 2007 12:46:03 PM
I've found that housemath.us is a useful site for calculating the costs associated with owning a home.
Posted by: CJ | Apr 2, 2007 4:52:08 PM
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