Top 5 Toronto MLS Real Estate Districts by Average Home Price Appreciation

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Submitted by Jasmina on Fri, 2007-08-03 12:55.

Single-detached average price in excess of $500,000

in close to half Toronto Real Estate Board's MLS districts! Unprecedented demand for single-detached homes along the Yonge Street corridor prompted double-digit price increases in the GTA's top performing neighbourhoods in the first six months of 2007, finds new Re/Max report. "To date, 51 per cent of districts reported double-digit sales gains for detached homes and 44 per cent for condominiums. It's been another banner year for real estate, and it's far from over" says Michael Polzler.

Detached Houses

Demand is particularly evident in the central core - from Bloor St. north to Highway 7 - where average price ranges from $565,000 to well over a million. In fact, nearly 60 per cent of 'C' districts reported double-digit increases in unit sales for the first half of the year." Last year at this time, appreciation had slowed in the central core as the average price approached $830,000. Buyers were investigating more affordable alternatives east, north, and west of the city centre. This year, despite an average closer to $875,000, demand for properties is at an all-time high in the district and a limited supply of product has purchasers vying for homeownership. In June, four central districts (C02, C10, C11 and C15) reported a sales-to-listings ratio above 100 per cent. Multiple offers remain commonplace on quality, well-priced product, with detached homes selling for 100 per cent of list price or more in all but one central district in June.

Top five Toronto Real Estate Board (TREB) Districts by Average Price Appreciation are:

TREB District Average Price Properties Sold
  2006 2007 % +/- 2006 2007 % +/-
C03: Forest Hill, Chaplin Estates, Deer Park, Cedarvale $895,900 $1,046,500 16.81 223 208 11.21
N02: Thornhill, Vaughan $491,352 $565,428 15.08 286 316 10.49
C02: South Hill, Annex, Yorkville $773,283 $883,869 14.3 106 120 13.21
C07: Lansing, Willowdale, Newtonbrook $550,942 $618,179 12.2 213 246 15.49
W12: Port Credit, Mineola $521,875 $581,167 11.36 287 303 5.57

Condominiums (Apartments & Town Homes)

"With affordability a growing concern in the Greater Toronto Area, more and more purchasers are turning to condominium apartments and townhomes," says Polzler. "Close to 80 per cent of districts reported an average condominium 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."

Top five Toronto Real Estate Board Districts by Average Price Appreciation are:

TREB District Average Price Properties Sold
  2006 2007 % +/- 2006 2007 % +/-
W14: Mississauga, Applewood, Rathwood $161,973 $215,077 32.79 171 198 15.79
C02: South Hill, Annex, Yorkville $516,729 $663,688 28.44 173 168 -2.89
W12: Port Credit, Mineola $252,059 $283,935 12.65 193 216 11.92
C08: Cabbagetown, Distillery District $273,754 $303,186 10.75 667 697 4.5
W04: Downsview, Weston $165,328 $182,771 10.55 174 160 -8.05

Additional Findings

In total, 56 of the 62 Toronto Real Estate Board Districts examined reported an increase in the average price of a single-detached home between January to June 2007, compared to the same period one year ago. “The trade-up market is once again heating up in the Greater Toronto Area” says Michael Polzler!

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