July 14, 2010

Toronto’s housing market was on fire for the first half of 2010! Single-detached homes, condominiums, and townhomes saw unprecedented double-digit gains in average price in 87.5% of districts.

Condominiums / Townhomes

As affordability continues to be a concern in the City, condominiums and townhomes continue to be a financially attractive alternative to single-detached homes.

According a Re/Max Report:

The Danforth, East York (E03) was the top performing condominium market in terms of price appreciation – with values up 28.2 per cent to $222,421. While the increase is significant compared to the same period in 2009, it’s a more moderate 15 per cent ahead of the $195,019 reported in 2008.

Yorkville (C02) secured second spot, with a 22.6 per cent increase in values, bringing average price to $653,745 – a serious uptick over the 2009 level of $553,302 but only a nominal 5.6 increase over 2008’s $619,151.

Markham (N01) took third place with an increase of 22.1 per cent to $332,590 over the 2009 figure ($272,316).

Bayview Village (C15) – Toronto’s newest condominium corridor – saw a 19.6 per cent increase, with values rising to $331,063.

North York (C14) continued to experience upward momentum during the first half of the year, with average price on the Yonge St. line up 19.5 per cent to $363,685, compared to the $304,342 reported during the same period in 2009.”

Single Detached

According to the Re/Max report:

“RE/MAX examined 63 Toronto Real Estate Board (TREB) districts in the single-detached category between January and June of 2010 and found that 85.7 per cent experienced double-digit gains.

Mississauga’s Lorne Park (W13) led in terms of percentage increase in average price with a 30.2 per cent upswing in the first six months of the year, bringing year-to-date values in the area to $880,373 (vs. $676,289 in 2009 and $830,041 in 2008).

Markham (N01) ranked second with a 27.7 per cent jump to $779,168 (vs. $610,322 in 2009 and $683,050 in 2008) while Armour Heights, Bathurst Manor (C06) came in a close third at 27.5 per cent (rising to $732,535 from $574,599 in 2009 and $589,808 one year earlier).

Mississauga’s Creditview, Erindale area (W16) secured fourth spot with an average price of $561,973 – up 26.5 per cent over 2009’s $444,221 and 2008’s $476,877. Rounding out the top five was York Mills, Hogg’s Hollow, Bridle Path (C12) with a 26.2 per cent increase over last year and an average price of $1,868,591 (vs. $1,480,296 in 2009 and $1,580,851 in 2008).”

Overall, single-detached homes in TREB’s North district (north of Steeles Ave.) saw the greatest percentage increase, with year-to-date average price rising 17.5 per cent to $617,723 (compared to $525,635 one year ago).

Condominium apartments and townhomes in the central core experienced the most significant upswing, with average price in TREB’s Central district rising 16.8 per cent to $385,996, up from $330,517 one year ago.

First time buyers may have dominated the 2009 market, but Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada says that move-up buyers are ruling 2010. He states: “Rising interest rates and the introduction of the Harmonized Sales Tax (HST) in the province helped drive activity, with more than 50,000 sales reported year-to-date – a figure on par with record 2007 levels.”

What will the rest of the year look like? If the market follows previous trends, the balance of the year will have a more tempered market, with a modest price appreciation in most neighbourhoods. But, watch out for pockets with limited inventory, which will continue to see major growth.

Developments featured in this article

More Like This

Facebook Chatter