Toronto’s real estate market continues to heat up. According to data provided by CREA, the median sale price for single family detached homes is now at $685,000, an 11.8% Y-o-Y increase, and also an all-time high.
Same data shows that the condo segment has seen a similar growth, which comes to dismantle the popular theory that condos are much more vulnerable to a crash than detached houses. The median sale price for condo apartments peaked at $335,000, which represents a 3.1% Y-o-Y increase.
To shake things up a bit, we wanted to see how Toronto’s residential market stacks up against 5 other cities in Ontario – Ottawa, Hamilton, Windsor, Oakville and Burlington. So we canvassed the real estate marketplace Point2 Homes for houses priced close to the $335,000 mark, and pulled out one from each of the 5 cities mentioned above. You might just find these options very tempting:
Asking price: $271,900
Address: 463 Meadowhawk Crescent
For 20% less than the median sale price of a condo in Toronto, you could get this 3-bedroom, 2-bathroom, 1,391-square-foot townhouse overlooking the streetscape. The home features hardwood floors, a large dining area and an open concept ground level.
Asking price: $319,900
Address: 7 Southside Place
You could buy this 3-bathroom townhome with 3 large bedrooms and living area, in addition to a spacious back yard. All for $16K less than the median sale price of a condo in Toronto.
Asking price: $279,900
Address: 1667 St. Patrick's
This 4 level side-split home boasts a white brick façade and stands on an 80-foor wide lot. It has 3 spacious bedrooms, 2 bathrooms, large living and dining areas, and a manicured private yard that also includes a recently-built shed.
Asking price: $319,900
Address: 502 - 1240 Marlborough Court 502
You could buy this spacious, sun-filled condo overlooking the ravine, that boasts a granite breakfast bar and counters, coupled with new cabinets and flooring. Building amenities include an indoor pool, a gym, hot tub and a library.
Asking price: $309,000
Address: #2 - 2230 Upper Middle Road
This 3-bedroom, 3-bathroom townhome features state-of-the art finishes throughout, as well as a recently updated kitchen with new cabinets and ceramic tiles.
What these examples stand to show is that it’s important to explore all your options, because you never know where your dream home could be hiding!
Source: Urban Toronto, 8/7/2015