“Pickering has been great for young families who want a larger detached home under $400,000 and it’s right on the border of Toronto,” said Jennifer Pearce, a broker with ReMax. “For the same price, you’d be lucky to get a semi in central Toronto.” Yourhome.ca
Suburban homeowners…pat yourselves on the back!
January 29, 2010
The sprawling suburbs of Toronto have come out on top according to a report released by ReMax. Topping the list was South Pickering which has witnessed a 9.4% increase in property values. Why?
Low interest rates stimulated demand that drove prices up. This means that most purchasers were fairly sensitive to prices (it took cheap financing for them to consider buying). These bargain shoppers looked for affordability, accessibility to Toronto and spaciousness. Suburban homes provide all of these things, so homeowners reaped the benefits!
Just to contextualize it, a 9.4% return is wild when you think of the returns on other investments in 2009 (i.e. the S&P 500 lost 2.64% this year). So…eat that high finance! Guess you should have been investing in properties in the GTA instead!