Earlier this month, Royal LePage put out a cross-Canada report on how home values fared in the first quarter of 2013 compared to the same time in 2012. But most people are curious about how much their neighbour’s house is really worth.
Luckily, the same report was chock full of details on how prices faired in cities on a neighbourhood-by-neighbourhood basis plus stats on different property types too.Toronto is such as real-estate obsessed city, we thought we’d round up some of the biggest gains in the local market.
And if there’s one lesson to be learned from the first quarter stats, it’s that if you own a house in the Scarborough neighbourhood of West Hill, you can basically look down on the rest of the GTA.
The top 3 price gainers in Toronto
It’s not terribly shocking that some of the city’s blue chip neighbourhoods saw the largest overall gains. But when your neighbourhood’s known for million-dollar properties, it’s a little surprising when prices just keep gaining and gaining.
- Two-storey standard houses in Cabbagetown led the city in price growth. Values rose by 8.5 per cent to an average price of $700,000 in the first quarter of 2013 compared to the same quarter in 2012.
- They were closely followed by two-storey standard houses in The Beach, which rose by 8.2 per cent in 2013 to an average of $767,500.
- The third position was a tie. Condos in Leaside and Midtown both posted 6.6 per cent gains in the first quarter of 2013, rising to $405,000 and $457,450 respectively.
The top 3 price bumps in the GTA
We’re not sure why Etobicoke neighbourhoods were listed under Toronto and Scarborough was considered part of the GTA in the stats, but we’ll play along. The east-end saw some pretty staggering gains during the first quarter of this year when you compare the stats to the same period in 2012.
- The waterfront neighbourhood of West Hill in Scarborough posted the most massive gains in the first quarter of the year, with standard two-storey homes rising by 16.7 per cent to $525,000.
- Scarborough continued the winning streak, with Agincourt’s standard two-storey homes posting a 15.9 per cent gain, rising to $525,000.
- Other Agincourt properties saw a similar spike. Detached bungalows posted a 12.8 per cent in the first quarter, increasing by 12.8 per cent to $485,000.
The top 3 overall bumps in condo prices
- Once again, West Hill led the pack. The Scarborough neighbourhood saw prices rise by 8.7 per cent to $250,000 from the first quarter of 2012 to the same time this year.
- The second spot was taken by condos in Leaside and Midtown, which posted 6.6 per cent gains in the first quarter of 2013, rising to $405,000 and $457,450 respectively.
- In the Meadowvale-Streetsville region of Mississauga, condos rose by 6.5 per cent to $245,000 in the first part of 2013.
The top 3 overall increases in bungalow prices
- The first spot was taken by Agincourt, which saw a 12.8 per cent in the first quarter, increasing by 12.8 per cent to $485,000.
- West Hill nabbed second place, rising by 12.6 per cent to $490,000 in the first quarter.
- Oakville saw bunglows rise by 9.8 per cent in the first quarter, averaging $460,000 in price.
The top 3 overall gains for two-storey houses
- As previously noted, the top gainer in the GTA was West Hill’s two-storey homes, which rose by 16.7 per cent to $525,000.
- Agincourt’s standard two-storey homes posted a 15.9 per cent gain, rising to $525,000 in the first quarter compared to 2012.
- The Central area of Scarborough rounded out the east end’s price kick. Two-storey houses rose 10.6 per cent to $470,000.
For a breakdown of all the stats see the tables below…