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Toronto's Tony Neighbourhoods
Do You Live In One Of The Most Desirable Real Estate Areas In The Greater Toronto Area?
There's a certain irony in the fact that the one thing the GTA never seems to run out of is the one thing that's always in short supply. That first 'one thing' is a seemingly insatiable demand to own a home in the city. That 'other thing' is increasing prices that's making the search for a place to live harder to afford. The Toronto Real Estate Board has named the locations where would-be homeowners could have the hardest time ponying up the bucks for new digs and the leader is typically Toronto - it's anywhere near the Yonge St. corridor.
According to the experts, increases near the longest street in the world have escalated to the double digit range in the first six months of 2007 - and there's no sign things will change anytime soon. The average cost for a single detached home in neighbourhoods like Forest Hill, Chaplin Estates, Deer Park and Cedarvale is now a whopping $1,046,500 - a 16.8 percent hike from last year.
Hit the Annex or Yorkville and you'll be paying 14.3 percent more now than you would have in 2006. The asking price for a home in either of those locations currently sits at $883,869. And it's the same almost everywhere - even small houses in Willowdale are going for $618,179, a 12.2 percent increase.
And you'll only get a small break if you look outside T.O. The City Above Toronto is laying claim to its own price wars. Seek out a spot in Thornhill and you'll be shelling out about $565,000 to snatch the ownership deed - up 15 percent. Head to Port Credit and you'll need to sport credit if you don't have the $581,000 sellers are asking up there. That's 11.3 percent more.
How expensive has it become for buyers in this market? The Board claims 56 of the 62 districts it examined have experienced big hikes and vendors in close to half of them are demanding about $500,000 or more. And because demand remains high, a majority of them are incredibly getting 100 percent of their asking price.
What can you do if property is on your menu but the financial fallout leaves you feeling queasy? Consider a condo or townhouse. "With affordability a growing concern in the Greater Toronto Area, more and more purchasers are turning to condominium apartments and townhomes," agrees Michael Polzler of RE/MAX Ontario-Atlantic Canada in a statement. "Close to 80 percent of districts reported an average condominium price under the $300,000 price point, making the product a more attainable first step for an entry-level buyer, particularly in sought-after locations."
But that doesn't completely solve the problem. Condo costs are spiking, too, with many up between 10 and 32 percent over the same time last year depending on where you're looking. And real estate experts not only think it will continue, but that this could be a record setting year for both sales - and asking prices.
Top Housing Price Increase Areas Over Last Year
(Based on single detached home)
Forest Hill, Chaplin Estates, Deer Park, and Cedarvale: $ 1,046,500
Increase: 16.81%
Thornhill: $565,428
Increase: 15.08%
South Hill, Annex, Yorkville: $883,869
Increase: 14.3%
Lansing, Willowdale, Newtonbrook: $618,179
Increase: 12.2%
Port Credit, Mineola: $581,167
Increase: 11.3%
Source: TREB
August 5, 2007 in Toronto Neighbourhoods | Permalink
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Comments
As a Toronto realtor I know that our clients like to have a closer look to the neighborhood they want to live in. I have gathered a lot of information, both pictorial and written on different Toronto neighborhoods. You might want to have a look at it, some say it is worth is... :)
Posted by: Toronto realtor | Oct 25, 2007 5:51:48 AM
As a Toronto realtor I know that our clients like to have a closer look to the neighborhood they want to live in. I have gathered a lot of information, both pictorial and written on different Toronto neighborhoods. You might want to have a look at it, some say it is worth is... :)
Posted by: Toronto realtor | Oct 25, 2007 5:50:01 AM
Thanks for Top Housing Price, please continue to provide great information!
Posted by: Corporate Housing | Aug 9, 2007 10:46:32 PM
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