Ok, need to get something out of the way before we dig in here. The Leslieville Businesses need your help! We’re about to get destroyed by some TTC construction that is going to completely close the intersection of Queen and Leslie starting May 11 to June 30 and then Broadview and Queen from June 30-end of July. Our businesses are screwed but fear not. Our BIA is laser focussed on getting people here even during construction so we’ve having a ton of events, and we’ve even come up with a creative ad campaign that was launched in TTC buses, stations, and street-cars just last week. Soooo, what I’m getting at here is please please please come here as often as possible and shop in our great stores, eat in our restaurants, and browse our galleries. Free hugs in it for everyone 🙂
April 2014 Market Snap: The Real Version
Pulling out my hair listening to the major news networks “report” on the Toronto Real Estate market yesterday. Some outlets being very general and somewhat misleading saying
Average home in Toronto now nearly a million dollars!
It seems to be one extreme to another with media. They’re either talking about “average prices” (which as we know is completely meaningless), or now just picking one statistic from the 20 page market report that TREB releases and focussing on that.
Yes, it’s true: A DETACHED home in a hot urban neighbourhood (close to Downtown) is averaging $965,670 in the 416.
Does this mean homes are no longer affordable? Well, if you want a detached house close to the Downtown Core, then yes. There are so many opportunities for Buyers to get most of what they want as long as they’re willing to be flexible on neighbourhoods and housing style. We’re seeing first time buyers come to us with a budget and very flexible requirements. They get it, and we love that.
Here’s what’s really happening in the 416
Here’s how average prices get skewed. It’s a fact that average prices in Toronto for detached houses was $965,670 in April that’s up 13.2% over last April. When we dig down and look at the numbers in more detail we see that there were more luxury homes sold in the Central Toronto districts with 429 sales averaging $1.5 million dollars while the popular East and West end neighbourhoods came it at a much more reasonable $647K and $763K respectively. See how that can be a tad misleading? So once again FORGET ABOUT AVERAGE PRICES!
Does this mean homes are no longer affordable? Well, if you want a detached house close to the Downtown Core, then yes.
Semi Detached Houses
This sector also performed well up 18% from this time last year. Semis in Toronto’s popular West End communities like Roncesvalles, Queen West, King West, Little Italy, Portugal etc… are selling for closer to $843K but move into some of the “not-yet-discovered” pockets close by and you’ll find much more affordable options. in the 500-600K range. In the East End we’re doing a bit better as most semi’s are selling closer to $734K on average (with some edging closer to a million) but we’ve got so many amazing little pockets along Gerrard St that are so damn cheap right now. That’s where I’d put my money: Gerrard St. We just sold a fully renovated detached home for $796K last week.
Another big month of gains for Townhouses in Toronto with an 14.7% spike in price from this time last year to $498,083 for your basic 3 bedroom Townhouse. So many buyers have switched their focus to townhomes simply because they’ve been priced out of the freehold house option. Not a bad choice and some certainly offer enough space to grow a family. Maintenance fees to vary on these places and some are surprisingly low. Expect this sector to continue to grow as more and more first time buyers see them as a solid alternative to Freehold.
Pooooor condos, they’ve been savaged by the media year after year while still performing so well in some markets. These poor little guys have been declining in some dense condo communities like Liberty Village and CityPlace but even those communities are showing some growth and new found consumer love. Only up 1.8% to $384,758 this year over last but we haven’t been able to keep a condo on the market for longer than a week since January so Buyers are obviously buzzing around and buying. Condo’s, especially in Leslieville are BOOMING right now. The next unit to hit the market at 233 Carlaw is going to attract multiple offers, guaranteed.
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