06 Mar 2014
Feb 2014: Everyone wants a Townhouse
Townhouses in Toronto up 20.7%
It’s really no surprise that town-houses are dominating in gains this month. Why you ask? The
Meet Linsay McIsaac, Spring Realty’s Client Concierge!
average buyer is getting priced out of semi-detached and detached houses so they’re scooping up the less expensive town-house. Sure, town-houses come with monthly maintenance fees that range from $40 to thousands per month. But very important to remember that it’s still usually cheaper to own a town-house vs. a house. Utilities and maintenance are usually more expensive in a house anyway so, a town-house is a fantastic, less expensive option at $545,043 on average.
Detached Houses – up 15.7%
Welcome to the Million dollar club. The average price of a detached home in Toronto has hit $955,314 but most importantly, for the first time ever, the average price of a house in The Beach neighbourhood is now $1,020,673. Of course, we don’t love paying much attention to average prices but when you look at the hyper-local level, they’re much more relevant.
The average buyer is getting priced out of semi-detached and detached houses so they’re scooping up the less expensive town-house.
Semi-Detached Houses – up 8.0%
West Toronto leads the pack with some of the most expensive semi’s averaging $881,740 in W01 (Roncy etc.)while the East End sits at a more affordable $670,801 in E01 more commonly knows as South Riverdale and area. Still some semi’s in the East are hitting high $900’s. See why average price is virtually meaningless? Overall, the East end is still cheaper than the West but the gap is closing. The 416 average price for a semi is $$668,298.
Condos – up 6%
Toronto condos are like The Little Engine That Could! Finally this neglected market is getting the love it deserves. We haven’t been able to keep a condo on the market for longer than a week in 2014 and we’re even seeing multiple offers on the more desirable units. That would explain the 6% increase to $372,628 and over $500K in the East End, specifically E01 South Riverdale and area.
East end is still cheaper than the West but the gap is closing
Overall, the market is strong across the board, in most neighbourhoods. Houses are getting multiple offers even if priced at or near market value. Condos in East End communities like, Leslieville, Riverside, and Riverdale are mostly seeing multiple offers and record high prices and town-houses are more expensive than they’ve ever been. All of this with extremely low interest rates make Toronto real estate a popular product. We are however, seeing more new house listings than in previous months but we need more. We happen to be really good at selling houses. You should call us.
