Royal LePage just released their analysis of Toronto’s housing market for the first six months of 2013 and the price gains made in just a year entered double-digits territory for a number of districts – especially for detached houses.
Between January and June of 2013, single-detached housing values had appreciated year-over-year in close to 86 per cent of neighbourhoods in the 416 area code.
“While we have seen solid price appreciation virtually across the board in the single-detached housing category, the most pronounced gains were in affordably-priced areas in the city,” said Gurinder Sandhu, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada in the news release.
“The top five neighbourhoods reported days on market ranging from 13 to 18 in June—well below the 24 days reported for the overall GTA—and a sale-to-list-price ratio of over 100 per cent in three of the top areas.”
Among the neighbourhoods that make up the “Centre” designation on the Toronto Real Estate Board’s map of the city, the highest price gains for single family detached homes were fairly far from the bona fide downtown core. The biggest gainers were the neighbourhoods of Don Mills, Parkwoods-Donalda, and Victoria Village (the C13 district), climbing 12.7 per cent from $980,727 to $1,105,574 this year. Aside from that, the only other part of the central Toronto that saw dramatic price appreciation was the Oakwood-Vaughan, Humewood-Cedarvale, and Forest Hill South district (C03). Year-over-year, the area recorded a 11.7 per cent boost from $1,186,320 to $1,324,608.
The biggest gain in detached house prices was in W03, or the neighbourhoods of Keelesdale, Eglinton West, Weston-Pellam Park, which saw a 10.2 per cent boost to $457,079. It was followed by Sunnylea, The Queensway, Humber Bay (W07), which saw a 9.4 per cent boost to $833,026. York, Glen Park, Amesbury, Brookhaven, Weston and Fairbank (W04) rose to an average price of $538,469 for a 9.2 per cent increase.
The west end seems to love condo living: nine of the ten areas reported an upward swing in prices. In the centre, the uber-hot Don Mills, Parkwoods-Donalda, and Victoria Village area (C13) claimed the top spot in the condominium/townhouse category with the average price climbing 5.7 per cent to $335,818. Leaside, Thorncliffe Park, Flemingdon Park (C11) saw the second highest gain with a 5.1 per cent boost to $233,947. Agincourt North (E07) advanced 4.1 per cent to $257,603, and the W09 district of Richview, Humber Heights and Kingsview Village saw a 3.9 per cent surge to $210,750. Tied for fifth place were the East end’s Steeles, L’Amoreaux, and Tam O’Shanter – Sullivan neighbourhoods known as E05 and Malvern, Rouge (E11), which both saw a 3.2 per cent gain for new average prices of $285,147 and $207,574 respectively.