Do You Live In The Most Desirable Real Estate Areas In Toronto?
CityNews.ca Staff
There’s a certain irony in the fact that the one thing Toronto never seems to run out of is the one thing that’s always in short supply. That first ‘one thing’ is a seemingly insatiable demand to own a home in the city. That ‘other thing’ is increasing prices that’s making the search for a place to live harder to afford. The Toronto Real Estate Board has named the locations where would-be homeowners could have the hardest time ponying up the bucks for new digs and the leader is typically Toronto - it’s anywhere near the Yonge St. corridor.
According to the experts, increases near the longest street in the world have escalated to the double digit range in the first six months of 2007 - and there’s no sign things will change anytime soon. The average cost for a single detached home in neighbourhoods like Forest Hill, Chaplin Estates, Deer Park and Cedarvale is now a whopping $1,046,500 - a 16.8% hike from last year.
Hit the Annex or Yorkville and you’ll be paying 14.3% more now than you would have in 2006. The asking price for a home in either of those locations currently sits at $883,869. And it’s the same almost everywhere - even small houses in Willowdale are going for $618,179, a 12.2% increase.
And you’ll only get a small break if you look outside T.O. The City Above Toronto is laying claim to its own price wars. Seek out a spot in Thornhill and you’ll be shelling out about $565,000 to snatch the ownership deed - up 15%. Head to Port Credit and you’ll need to sport credit if you don’t have the $581,000 sellers are asking up there. That’s 11.3% more.
How expensive has it become for buyers in this real estate market? The Toronto Real Estate Board claims 56 of the 62 districts it examined have experienced big hikes and vendors in close to half of them are demanding about $500,000 or more. And because demand remains high, a majority of them are incredibly getting 100% of their asking price.
What can you do if property is on your menu but the financial fallout leaves you feeling queasy? Consider a condo or townhouse. “With affordability a growing concern in the Greater Toronto Area, more and more purchasers are turning to condos and townhomes,” agrees Michael Polzler in a statement. “Close to 80% of districts reported an average condo price under the $300,000 price point, making the product a more attainable first step for an entry-level buyer, particularly in sought-after locations.”
But that doesn’t completely solve the problem. Condo costs are spiking, too, with many up between 10 and 32% over the same time last year depending on where you’re looking. And real estateexperts not only think it will continue, but that this could be a record setting year for both sales - and asking prices.
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