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Feb
14
Average Price of a Home in Toronto $400000
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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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Feb
14
Market Watch - January 2008 Numbers
Written by radu
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Market Watch > January 2008 Numbers
The 2008 Toronto Real Estate Market has gotten off to a strong start. Sales were just 2% shy of a January record, with a total of 5,073 transactions having taken place in January 2008. The record for January is in 2007 when a total of 5,173 transactions took place.
Toronto Real Estate Board president Maureen O’Neill said “This is a very positive start to the year but we will be watching closely to see how the City of Toronto’s new land transfer tax and a proposed property tax increase affect the market”.
Traditionally, the winter months are generally the slowest during the year. Most people wait for the spring market to sell their homes. However, a rush of end of year sales and purchases helped to bring a strong end in December 2007.
The average price of a home in Toronto is currently $374,449. This is a six per cent increase compared to January 2007.
If you are thinking of selling your home in the near future and would like some advice in preparation for the spring market, please have a look at the Selling Articles and also Contact Radu.
All previous Market Watch Articles available here.
For more information, contact:
Radu Medan
Sales Representative
Homelife Victory Realty Inc., Brokerage
416.590.0033
rmedan@trebnet.com
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Feb
11
Market Watch - December 2007 Numbers
Written by radu
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Market Watch > December 2007 Numbers
The 2007 Toronto Real Estate Market saw an increase of twelve percent over 2006 figures, with a total of 93,193 sales. The average price of a home in Toronto in December rose to $394,931, representing a year over year increase of 7% over 2006. The Overall Year Over Year average price of a home in Toronto rose equally by 7% to $376,236 compared to $351,941 in 2006.
All in all, the 2007 Toronto Real Estate Market was very strong. No slowdown occurred during the year. If we continue to see similar year over year sales increases, we may very well see a 100,000 + Sales year in 2008 and, most likely, the average price of a home will hit $400,000 sometime in 2008.
Another notable occurrence in the December market was the increase in the percentage represented by Condominium sales. Of all sales during the month, condominiums represented close to 25 per cent of all sales.
“Typically condominium apartment transactions comprise just over 20 per cent of total sales but in December they accounted for more than a quarter of resale activity,” said TREB President Maureen O’Neill. “Condos are often more affordable than other housing options and they show particularly well in winter.”
Download the December 2007 Market Watch PDF Here.
For more information, contact:
Radu Medan
Sales Representative
Homelife Victory Realty Inc., Brokerage
416.590.0033
rmedan@trebnet.com
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Feb
07
Real Estate Email Humor - Tax Assessment
Written by radu
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Real Estate Email Humor
This is an email I recently received that I would like to share with you. It deals with the way we each perceive our house / home to be and how everyone else involved in the ownership or management of our house perceives it. I found it quite humorous. I attempted to keep it as intact as possible while recreating it in a blog post.
Hope you enjoy it as much as I did.
Your House As Seen By:
Yourself…
Your Buyer…
Your Lender…
Your Appraiser
Your Municipal Tax Assessor…
I find it unfortunate, however comical, that this scenario is far more prevalent than we would like to admit. One one hand, we want the perceived value of our home (for selling purposes) to be high. On the other hand, when it comes time for a Tax Re-Assessment, we want it to be perceived as a small one bedroom shack. Unfortunately, the reverse is true. The municipal authorities, in their ever vigilant attempt to keep the city solvent, generally relish the opportunity of re-assessing property values and of course inevitably raising our property taxes.
For more information, contact:
Radu Medan
Sales Representative
Homelife Victory Realty, Brokerage
416.590.0033
rmedan@trebnet.com
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Tagged With: home financing, lending, municipal tax, property tax, property value, real estate humor, tax assessment
Feb
04
A New Day - A New Beginning
Written by radu
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A New Day - A New Beginning
A much anticipated milestone has been reached. Version 2.0 of Radu’s Toronto Real Estate Blog (www.midtowntoronto.com) has finally come to fruition. When I first began this blog back in June 2006, it was to be more of a supplement to my website than the center piece. Since then, I started to put more time and effort into the articles and the promotion of this blog. As a result, my readership began to grow and visitor traffic started to increase slowly.
Along the way, a few small milestones were reached. My first post to receive any kind of broad attention and a few diggs was Making a Business out of Property ‘Flipping’. This article was quickly followed by £170,000 for a Closet? - Well, Almost.
However, the one article that truly put this website on the map was the Toronto’s Smallest House For Sale. This little house, along with all the press attention it garnered has driven much of the new traffic to this blog. And for that, I thank everyone; the readers, the media, and the darling little house.
The Need For A New Website Design
The initial blog layout was based on the RIN Theme 1.1 and few minor adjustments and modifications to it. But it left much to be desired. Unfortunately, due to my being busy Selling Toronto Real Estate, I could not tend much to its proper configuration and development. Therefore, the website simply hobbled along as best as it could. In short, it was in need of some serious overhauling.
To help me in the Website Design & Development of Version 2.0, I hired a company by the name of Serveris Inc. They are a Toronto Based IT Company that helps small to medium businesses get on the web, provide them with tech support and IT Recruitment services.
I have to say that I am very pleased with their design and development. They integrated a clean looking design very well with the Wordpress back end. Their service was both professional, courteous and their design process fantastic. They are of course still in the process of finishing some sections and migrating the data / content so please bear with us as some sections may not appear completed.
A New Direction
Version 2.0 of the blog will also have a new direction (somewhat). The website up to now focused too heavily on the blog. The new website will be known as Radu’s Home Buying & Selling System as well as Radu’s Toronto Real Estate Blog. The focus will be both on providing an important source of information regarding the Toronto Real Estate Market, focusing on Neighbourhood Profiles, the Toronto Condo & Loft Guide, the First Time Buyers Guide, as well as important information for Buyers, Sellers, and For Sale By Owners.
So, please bear with us while we get back up to speed and please visit with us as we progress towards Version 2.0 of Radu’s Toronto Real Estate Blog. Thank you for being devoted readers.
For more information, contact:
Radu Medan
Sales Representative
Homelife Victory Realty, Brokerage
416.590.0033
rmedan@trebnet.com
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