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Feb
14
Average Price of a Home in Toronto $400000
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14
Average Price of a Home in Toronto $400000
As the Toronto Real Estate Market continues its strong performance, the 2007 year ended on a positive note. A total of 93,193 home sales were completed in Toronto during 2007. The average price of a home in the Greater Toronto Area for the year stood at $376,236 compared to $351,941 in 2006. The December 2007 Market Watch article has more information on this subject.
Now, using this recent historical trend, a further 7 per cent increase in the price of a home during 2008 will mean that the average price of a home in Toronto should reach $402,572. Thus, the average price of a home in Toronto should therefore break the $400,000 barrier.
Some areas in Toronto have long since surpassed the $400,000 mark. The 14 Central regions average around $530,000 and the 23 North districts average around $420,000. But overall, the Greater Toronto Area is now approaching the $400,000 mark.
How does Toronto compare to other North American metropolitan areas? Well, I decided to examine this by doing a quick comparison. Using data from the National Association of Realtors (US), I’ve come to the following conclusions.
The data comes from the Single-family 4th Quarter 2007 (108K PDF file) report on Metropolitan Area Prices. You can download the PDF file.
A total of 156 Metropolitan areas were surveyed, with data from 4 of them unavailable. The average price for the Metropolitan Areas of the United States areas where data was available comes to $216,100. Compared to this figure, if the Toronto Real Estate Market reaches the $400,000 average price, it will be almost double the average price of a Metropolitan Area in the United States.
Given that the Canadian dollar is currently at par with the American dollar, we can assume a 1:1 price comparison. Compared to the most expensive areas in the United States, Toronto would fall to the 13th spot, just behind Washington-Arlington-Alexandria, DC-VA-MD-WV at $430,800 and before Boston-Cambridge-Quincy, MA-NH, at $395,600. The most expensive Metropolitan Area in the United states is San Jose-Sunnyvale-Santa Clara, CA, with an average home price of $836,800.
How does Toronto (Canada’s Largest City) compare to New York (America’s Largest City) ? Well, the New York-Northern New Jersey-Long Island, NY-NJ-PA Metropolitan Area comes in at an average home price of $469,700. Thus the Greater Toronto Area is approximatively 17.4 per cent less expensive than it’s American counterpart.
Although there is no guarantee that average home prices in the Toronto area will break $400,000 in 2008, it is extremely likely. Already, home prices in the last three months of 2007 saw the following: December 2007 averaged $394,931, November 2007 saw $393,747 and October 2007 the average price wast at $394,647.
For more information, contact:
Radu Medan
Sales Representative
Homelife Victory Realty Inc., Brokerage
416.590.0033
rmedan@trebnet.com
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February 14th, 2008
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Glad to see the average prices still rising. I hope it stays that way for a long-time!