Homes in the Beach showed the highest price appreciation in the Toronto area in the first six months of this year, according to a study released yesterday by ReMax Ontario Atlantic Canada. The report looked at the top performing neighbourhoods according to price appreciation. Detached homes in the Beach gave the best resale return-on-investment in the GTA. Their average price rose 3.79 per cent to $715,422 in the first half of 2009, compared with the same period in 2008.In second place was Pickering, further east in Durham Region, where prices climbed 3.72 per cent to $389,536 compared to the first half of 2008. Willowdale ranked third, with a typical detached home improving 3.32 per cent in value, to $779,537.The Downsview/Weston areas showed a 2.25 per cent increase to $384,485. The Rouge and Malvern areas of Scarborough showed a 1.99 per cent increase to $345,468.In the condominium sector, the more affordable segment among resales showed the greatest uptick in pricing. Condos in Cliffcrest and Guildwood in Scarborough led the list, with the average resale price climbing 6.45 per cent to $175,855.
Not all neighbourhoods saw prices climb, however. In Mississauga's Lorne Park-Sheridan area, the average home's value decreased by 16 per cent over six months, to $683,568, compared with the same period last year. Next hardest hit was the south Scarborough Oakridge and Birch Cliff neighbourhoods, where home prices fell by 13.6 per cent to $715,422. Both areas feature high-value homes outside the downtown core that are less attractive to first-time buyers. Overall, prices of existing detached homes and condos in the Toronto area increased by 2 per cent in the first six months of 2009, compared to a year earlier, despite a difficult recession.
Toronto Star July 29, 2009