The real estate market in downtown, Metro Toronto and the Greater Toronto Area is one of the healthiest and most dynamic in the world. With styles and budgets to meet every need and taste, the market is also well known for its amazing features and benefits coming at a premium price. Here are some guidelines as to what listings are selling for to help direct you in your search.
Toronto is considered to be one of the most cosmopolitan areas in the world. As such, you will find an eclectic mix of downtown condos and detached homes that range from the traditional and classical to contemporary and modern. All sectors of the market, from condos and townhouses to sprawling estates, has seen constant long term stability and growth.
Realtors in the the Greater Toronto Area reported almost 8,500 sales in October of 2009, up 64% over the prior year. The hottest areas for a detached, two or three bedroom family houses remains the areas of Leaside, Parkdale and Riverdale. Toronto houses sold for an average $423,559 in October of 2009.
Starter homes in areas like Riverdale are still expensive but not unobtainable for a new couple or young family. A Broadview and Danforth home for sale for as little as $330,000 is possible. However, depending on your view, access to the areas parks and the Greek Village, the same sized house could sell for as much as $700,000.
One of the city's most thriving markets is in its new condo developments, such as in the Queen and Gladstone and King West areas. Converted, industrial lofts or new new townhouses there start at around $280,000.
Larger homes are still very much in demand. The highest sales growth in October 2009 stemmed from homes selling for over $750,000 in areas like Leaside and High Park. Toronto real estate listings for over $1,000,000 are also in demand in neighbourhoods like Rosedale and Moore Park.
You will also find that there is a lot of demand and activity with estates in areas like Hogs Hollow and the Bridal Path. Toronto luxury homes for sale range in to the tens of millions of dollars. Large, waterfront mansions in the surrounding area and downtown penthouse condominiums are frequently appearing on the market that start at $15,000,000.
Excluding Metro Toronto, the average closing price of a home in the city's surrounding area is $394,205. The average price of a home in all of the Greater Toronto Area is currently $423,559, up three per cent over last year. As such, it is predicted that there will be a rebound of listings in the near future as home owners respond to the growth in sales currently underway.
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