From January to March (Q1) 2016, Toronto area real estate prices broke three records of all time. All three records were measured by median price. If you do not understand median price, envision yourself standing on a mountain with a beautiful panorama. On the tip is home sales ‘median price’. To the left of you are 50% of the homes which sold for less and to the right are 50% of the homes which sold for more.
1. Single Detached Home
A single detached home is also known as a single family dwelling or separate house. It is a separate building on the property where a family unit resides. The median sale price for single detached homes in the Toronto area for Q1 was $740,349. “This was the highest median price on record and the first time that the median price has risen above $700,000”. (CREAStats)
A semi-detached home is a building where one unit is attached to another unit. Essentially, three of the sides are detached and one of the sides is attached. The median sale price for semi-detached homes in the Toronto area for Q1 was $567,000. “This was the highest median price on record”(CREAStats).
The condo townhouse is a row of multi-level units which are attached on two sides. A condo townhouse is owned by the individual and the external property is owned by the condominium corporation. However, the owner may be constrained by some design guidelines. The median sale price for a condo townhouse in the Toronto area for Q1 was $414,000. “This was the highest median price on record and the first time that the median price for townhomes has risen above $400,000”. (CREAStats)
An upward trend is expected to continue into 2016-17 due to inventory shortage. This topic was discussed in the following article from the Toronto Star Keeping It Real-Estate,
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