Be the first to like this
Affordability remained the strongest driver of residential housing in the Toronto market in the first half of 2013, with single-detached homes in neighbourhoods east and west of the central core posting the best overall performances, according to RE/MAX Ontario-Atlantic Canada.
RE/MAX examined 35 Toronto Real Estate Board districts between January and June of 2013 and found that single-detached housing values had appreciated year-over-year in close to 86 per cent of neighbourhoods in the 416 area code (30/35 districts). While the central core experienced the highest percentage gains in Don Mills, Parkwoods-Donalda, and Victoria Village (C13) at 12.7 per cent ($1,105,574 vs. $980,727) and Oakwood-Vaughan, Humewood-Cedarvale, and Forest Hill South (C03) at 11.7 per cent ($1,324,608 vs. $1,186,320), these were the only markets in the core that experienced significant growth. On the other hand, average prices increased across the board in both the west and eastern districts—with gains ranging from just under one per cent to 10 per cent. Rounding out the top five for average price appreciation were the west-end neighbourhoods of Keelesdale, Eglington West, Weston-Pellam Park (W03), posting a gain of 10.2 per cent (to $457,079); followed by Sunnylea, The Queensway, Humber Bay (W07), where prices climbed 9.4 per cent (to $833,026); and York, Glen Park, Amesbury, Brookhaven, Weston and Fairbank (W04), with a 9.2 per cent increase (to $538,469). Competition was clearly evident in the city's top five neighbourhoods. In June alone, 46 per cent of detached homes that sold between $400,000 and $1 million changed hands for over list price.