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Sutton Group Realty Systems Inc., Brokerage
According to an analysis Zoocasa did on detached and semi-detached housing prices in Toronto, the average house prices have doubled in two neighbourhoods, while 16 out of 35 neighbourhoods’ prices have increased by at least 50% or more in over five years.
If you already own a home or condominium in Toronto, it continues to be a great investment.
A new survey found that homes in two neighbourhoods and in eight condos have increased by more than 100 per cent in five years.
The survey by real estate website Zoocasa used data from the Toronto Real Estate Board to check how much how much prices have gone up between July 2014 and July 2019. Toronto house prices in 2014 were on average just over $821,198, and now the average price is $1,167,968. That’s an increase of 42 per cent.
As detached and semi-detached homes become out of reach for many home buyers, the condo market continues to be a hot spot for Toronto real estate. Condo prices five years ago were on average were $379,002.
The average across the city this year is $627,927, an increase of 66 per cent.
Penelope Graham, Zoocasa’s Managing Editor, says the fact that many people can’t afford a detached home in Toronto is driving the increase in condo sales.
“Five years ago, if you had a budget of $700,000, you were a house buyer, but now we have more competition in the condo segment,” Graham said.
With real estate, it’s all about location. House prices more than doubled in the neighbourhoods of Forest Hill, Oakwood Village, Regent Park, St. James Town and Corktown. Condo prices increased in eight zones across the city, including West Hill, Centennial Scarborough, Scarborough Village, Guildwood and Malvern Rouge.
The rising prices may be frustrating first time home buyers, but Zoocasa says there are still deals to be found.
“These are averages, so there will always be some higher than the average and lower than the average” said Graham.
Condos in Toronto’s downtown core and those close to public transit were the most sought after with prices between $500,000 and $700,000.
How Much Has Your Home’s Value Increased In The Last Five Years? Call Your Sutton Neighbourhood Realtor For A Free Home Evaluation At 416-896-3333!
- Note previous damage
- Establish a baseline to evaluate normal wear and tear
- Decide who is responsible for paying for any potential damages that might occur in the future.
Exciting News For First Time Buyers!
New Government Program offering Qualified Buyers up to $48,000 interest-free down payment incentives with no monthly payments! Up to 1.25 billion dollars has been set aside to help lower mortgage costs for eligible Canadian first time home buyers, on a First Come First Service Basis.
Buyers will need to have a minimum down payment to be eligible, which can be from your qualified R.S.P. Just keep in mind this is a C.M.H.C. insured mortgage program. The total down payment is to be “less” than 20% down.
You can then apply for the 5% Down Payment Incentive, giving you an extra 5% down on resale purchases or 10% on new construction. Simplified, this is a shared equity mortgage program with the Government of Canada.
Again is all Interest-Free and includes No Monthly Payments.
You can repay the Incentive at any time without a prepayment penalty. However, the repayment is based on the property’s fair market value.
How the First Time Home Buyers Program Works
The new program scheduled for September 2nd, So call today about this and “other” Government Incentives to ensure you have a well-planned home purchase.
Visit us online at www.SuttonRealty.com for more information.
Call Our Office Today and Speak to a Representative anytime 905-896-3333 or 416-896-3333.
You can even register for one of our upcoming Home Buying Seminars!
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1. 125 Weston Rd, Toronto
2. 921 Canyon St, Mississauga
3. 1047 Atwater Ave, Mississauga
New study shows Toronto has the lowest property tax rate among the 25 major cities in Ontario – Beating Markham, Milton & Richmond Hill at roughly 0.615 per cent.
To put this in perspective, a home priced at $500k in Toronto would require owners to pay $3074 in taxes but a home at the same price in Windsor would require $8,947! Although this may seem too good to be true if you are thinking of purchasing a home in Toronto, you must remember that by keeping taxes down, Toronto faces a number of serious challenges such as housing affordability, public transit, road repairs, etc… All which come with a cost.
A main reason the property tax rates are higher in other cities is because the housing prices are much lower. An average cost of a home in Toronto is around $915,481 while Windsor homes sit at around $337,923.
Another thing to think about are the separate charges the City of Toronto bills homeowners (i.e water consumption, garbage pickup) while some cities in Ontario include all of this on a property tax bill.
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Call Sutton Realty Today: 416-896-3333 / 905-896-3333
Or Visit Us Online: www.SuttonRealty.com