Those fortunate enough to buy a home in the last two years would make some money if they sold today.
But some Toronto neighbourhoods did much better than others.
Even as housing prices dip this month, the last two years have seen Toronto real estate prices soar to previously unknown heights. Last year, prices were so out of control the real estate market was considered a high risk.
Overall, Toronto home values increased by 21 per cent over the past two years, with a new median valuation of $904,518, according to a new report from Canadian real estate company Properly.
Properly compared the median sale price of properties sold six months prior to lockdowns (between September 2019 and February 2020), against their estimated value in March 2022.
The price for an average Toronto home has jumped by over $150,000 in that time.
Between September 2019 and February 2020, the median selling price of a Toronto home was $748,000 (for all home types). In May 2021, the median value of those same homes had risen to $875,389. And now it’s gone up again, to $904,518, the report states.
Detached homes saw the biggest increase at 31 per cent with townhomes at 28 per cent and row home at 26 per cent close behind. Condos went up 25 per cent and semi-detached homes were up 23 per cent.
Perhaps following the work-from-home trend, people seemed to be looking for homes outside the downtown core.
The neighbourhoods that saw the highest increases were Midtown (36 per cent), York (28 per cent), the west end (24 per cent) and Scarborough (24 per cent).
The move to Midtown seems to be mainly to condo townhouses, says Properly real estate agent Sammy Kohn.
“Midtowners have been favouring condo townhouses, which saw the largest increase of any home type and neighbourhood,” Kohn says. “Young couples and families are driving the market more frequently in this area than in the past, and they want to escape high-rise living and find a space and a community that feels more accommodating to young families.”
Scarborough is becoming more popular for building custom homes on the site of older properties, says Properly real estate agent Aaron Bastiampillai.
These homes, such as retro bungalows or even derelict garages are often bought for land value.
“Location is key,” Bastiampillai says. “Many buyers are willing to pay a premium for a great location with the intention of tearing down a home in ‘as is’ condition and building a new custom home.”
All Credit To Original Posting: https://www.blogto.com/real-estate-toronto/2022/03/toronto-real-estate-neighbourhoods-biggest-home-prices/
Contact the Densecity Team on our Website, or reach out on Facebook or LinkedIN