Despite a modest five per cent year-to-date increase in overall average price, detached homes in 17 per cent, or 11 of the 63 Toronto Real Estate Board (TREB) districts examined, reported increases in excess of 10 per cent in the first six months of 2006. Although double-digit appreciation in the detached housing category was on par with last year's levels, the districts experiencing upward pressure have shifted. In 2005, nearly 50 per cent of detached homes reporting double-digit growth were located in the central core. This year, double-digit appreciation has been far more equitable, with increases occurring across the board, including the city's east, west, and north ends.
Both detached housing and condominium apartments and town home values are climbing in TREB districts across Greater Toronto. Leading the charge in terms of price appreciation in the detached housing category are: the Scarborough Bluffs area (E08), where prices have climbed 21.2 per cent to $360,175; the Beach (E02), which has seen an increase of 19.6 per cent to $622,042; Swansea, South Parkdale, and Roncesvalles (W01), where values have risen 19.25 per cent to $640,132; Bayview Village (C15) where prices have jumped 17.7 per cent to $602,211: and Lawrence Park (C10) where housing values have appreciated 17.6 per cent to $1,132,410.
"After years of extraordinary upward momentum, escalation in the city's central district is moderating. The core is no longer the centre of the universe," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "With the average price of a single-detached home approaching a prohibitive $830,000 in the core, it's clear that purchasers are expanding their boundaries and seeking more affordable options in other areas of the city."
Neighbourhoods that offer detached product at reasonable prices have experienced the greatest return on investment. For example, the Scarborough Bluffs area, south of Kingston Rd., offers properties similar to those found on the Bridle Path at a fraction of the price. South Parkdale and Roncesvalles, both communities undergoing revitalization, continue to rank among the top five neighbourhoods in terms of price appreciation. After years of slow but steady growth, newcomer Bayview Village, with its large bungalows and good lot sizes, has finally been discovered.
While the average price of detached housing continues its ascent, condominium apartments and town homes are also reporting solid gains. Tops in terms of price appreciation is the Annex, Yorkville (C02) area where condominium values have jumped a substantial 16 per cent to $516,729. Affordably-priced Humber Summit, Elia (W05) rose 14 per cent to $173,238 while the desirable Lawrence Park, Davisville area (C10) ranked third with a percentage increase of 10.6 per cent to $327,525. Richview, Humber Heights
(W09) climbed 9.2 per cent to $184,389 while Don Valley South, including Don Mills, Victoria Park Village, Parkwoods, and Graydon (C13), rounded out the top five with an 8.5 per cent jump to $258,206.
"Condominiums continue to represent the best value for first-time buyers, allowing purchasers to buy into the city's best neighbourhoods at an affordable price point," says Polzler. "The sacrifice in terms of size is negligible, given the location of some of these condominiums."
For more info on Toronto real estate market go to http://www.torontogreathomes.com
newswire.ca
GREATER TORONTO AREA REAL ESTATE. Prices for detached houses continie
to grow
![GREATER TORONTO AREA REAL ESTATE. Prices for detached houses continie
to grow]()
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