Another month of gains across the board for the The 6ix (aka Toronto for those of you out of the loop). Detached houses leading the way again as supply hasn’t been able to meet demand for over two years. Properties with income potential are getting much more attention as Buyers need help paying their hefty mortgages and Investors are going all-in on high quality multi-unit properties in urban communities.
Toronto Townhouses lead the way with huge gains reaching almost $700K for the average TH in the downtown core. Still a bargain compared to almost a million for a semi and $1.6 for the detached option. Although communities around the core like High Park, Roncesvalles, Leslieville, Riverdale, and The Danforth have some solid options well under those averages.
There are still solid buying opportunities in communities in and around the Core for those prepared to do a little to a lot of work but we’re finding Buyers just aren’t willing to put in the time and money to undertake these renovations so they’re just going all-in on the finished product.
Renovations cost money. Money that some Buyers don’t have. It’s much easier and more affordable to finance the purchase of a finished product under one mortgage than it is to buy the house and then find the money to renovate via lines of credit or other more expensive funding options.
Check out the info-graphic below to see what properties are selling for but if you want us to drill down into your specific neighbourhood just comment below, use our live chat, or contact us and we’ll send you a custom report.