Holy Gains Batman! [Infographic Below]
In 2010 we talked about adjusting your expectations from detached to semi- detached. In 2014 we talked about adjusting your expectations from semi-detached to townhouses. Now, let’s talk about adjusting your expectations from townhouses to larger condos and lofts. This isn’t you throwing in the towel. Giving up. It’s you making a very adult decision to get your self on the property ladder a few steps lower than expected. This is a reality of the Toronto real estate market.
Numbers are way up across the board for all property types this month when compared to 2015 but one number really stood out. Semi detached homes are up 34% over this time last year at an average price of $1,161,096 in Central Toronto. Yes, you heard that right, if you want to live in Central Toronto anywhere south of the 401 East of Dufferin and West of The DVP it’s going to cost you over a million for the semi option an $1,869,749 for anything detached on average. This is why the townhouse has become so attractive. In the past you could almost always secure a townhouse for around $500-600K but even that number is up 16% to $640,672.
Buyers really serious about getting into the market are making a further adjustment and going for the larger condo or loft space which has driven that price up my 14% to $488,518 on average but if we look specifically at the 2 bedroom or larger data point we’re at over $500K on average and even higher if we look at smaller, boutique buildings geared towards the end user. We already have word of many developers building larger suites in and around the Core and we have confirmation that they’ll be launching at price points well over $700 per square foot.
It’s getting serious out there folks so it’s time for you to get serious. Are you losing out on house after house, offer after offer? You’ve got a problem, either your sales rep isn’t good at their job or your expectations aren’t in line with the Toronto Real Estate market. There are more eyes than ever on Toronto now and this City isn’t getting any cheaper so you have two options: 1. Keep renting and enjoy your life 2. Adjust your expectations and get into the market any way you can. Let’s chat. Message us and we’ll see how you fit into this market.
Check out our monthly market snapshot below and sign up to never miss another one again. We can even make neighbourhood specific ones for you…just ask!