Has Your Toronto House Prices Increased In The Last Five Years?

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.

https://toronto.ctvnews.ca/some-toronto-homes-and-condos-double-in-price-in-5-years-1.4561632

 

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!

Real Estate Listing Advertisement – Is It Always Accurate?

The answer is yes, any information used in an advertisement or listing should always be accurate. Realtors, brokers & brokerages have an obligation to provide truthful claims in their advertisements, otherwise, it should be excluded from the listing. Buyer reps should also take the time in confirming the accuracy of said listing advertisements and to fix any mistakes if they are to be found.

RECO uses a strong Code Of Ethics that prohibits brokerages and employees from running false advertisements. If you believe that a listing was untruthful, you can submit a complaint to RECO. Just be aware that most statements used in advertising are meant to be an exaggeration (i.e “this condo has the best amenities in the universe!”). False statements can range from the square footage being estimated, incorrect property tax numbers, claiming a linked townhome is “detached” or any type of misrepresentation of specific features that a buyer would find important.

All in all, whether you’re buying or selling a home, it’s the best idea to work with a registered real estate agent. Salespeople and brokers know the ins and outs of what is acceptable in the real estate industry, and they exercise their job with due diligence.

Have Questions About Buying Or Selling A Home? Give Sutton A Call Today.

We Have Fabulous Agents Waiting To Help Answer Every Question & Give You Peace Of Mind! 

Sutton Group Realty Systems

416-896-3333 / 905-896-3333

www.SuttonRealty.com

 

Can Canada Keep up With The Price Of It’s Real Estate Market?

New research from the RBC’s housing affordability report shows that only a small fraction of families in Canada can afford to buy an average-priced home.

As it stands, only 20% of families in Toronto can afford to buy a home currently, and this statistic does not include taking a mortgage stress test!

Aside from the obvious high pricing in Toronto & Vancouver, RBC’s graph indicates how prices have risen above affordability all throughout Canada.

The good news is that RBC’s affordability measure has declined for two straight quarters, meaning housing is slowly becoming more affordable. The west parts of Atlantic Canada are declining in price, and household incomes are rising, causing the bar to lower for ownership in most markets.

In Canada – it now takes 51.4% of an average household to cover the costs of an average priced home, down from 53.9% six months prior. In Toronto, the ratio fell to 66% from 75.3 within a 6 month period.

At this pace, Toronto’s housing slowdown would have to last another 4 years before the city becomes affordable. RBC economists concluded “Interest rates are no longer poised to increase amid heightened global trade uncertainty. And despite signs of a cyclical market bottom emerging this spring, we expect home prices to remain under downward pressure for months to come in many western Canadian markets”.

Are you looking for help with a mortgage? Looking to buy your first home – Or even sell? Give Sutton Realty a call today. Peace of mind is just a quick call away! We can’t wait to help 🙂

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com