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Detached home price surges above $1M in Toronto

Greg Bonnell – BNN

The $1 million hurdle – at least that’s how I look at it as a resident of the Toronto ‘burbs (the 905) who harbours a not-so-secret desire to live in the city again.

For the first time, the average selling price of a Toronto (416 area code) detached home has pushed above $1 million.

The Toronto Real Estate Board says the 416 average detached price rose 8.9% year-over-year to hit $1.04 million in February. Supply is tight when it comes to detached homes in the city, and demand is high. Sales are up some 17% year over year.

Comment: And there is a definite connection there! As supply stays low – 23% below the 14-year average – it cannot meet the ever-increasing demand. Thus there are 5, 10, 20 buyers bidding on every house that comes up for sale. Low interest rates allow them to bid high, pushing prices up up up.

Brampton house
I have a detached home in Brampton, a city in its own right but considered by most 416ers as an appendage to Toronto, a suburb, a place to rest your head between work days.

And I’ve been watching the $300,000 gap with great interest. It’s the ballpark difference between the average selling price of a 416 detached and a 905 detached.

The gap held in February, with the average selling price of a 905 detached rising 8.5% to $694,285. (I bought mine in 2007, for a lot less than that.)

Comment: I live on the other side of the city, and I have seen my property value shoot up almost 50% in the past 5-1/2 years.

If you live in Vancouver, $1.04 million for a detached in the city sounds like a bargain. Join the club, Toronto.

Apart from the detached market, there were very interesting moves in the townhouse and condo segments for the 416. Condo apartment sales were up 12.4%, but the average selling price fell 0.9%. Townhouse results were even more jarring; sales were up 10.7% but the average selling price fell 7%, year-over-year.

Detached housing is clearly where the price appreciation action is for Toronto, and I salute you if own one and got in before the price acceleration of the past years.

On another note, I’ve started reading investment manager Hilliard Macbeth’s new book, “When the Bubble Bursts: Surviving the Canadian Real Estate Crash.” I’ll be talking with Hilliard in the coming weeks on BNN.

Comment: That will be hilarious. Ask him when hi 50% price drop is going to start. Been 6 month since his unbelievable prediction, with all signs so far proving him to be more wrong than a $3 bill. He has 6 months for Toronto house prices to drop $500,000… I hope he will be refunding everyone who bought his incorrect book. I know I would want my money back.

BY THE NUMBERS (FEBRUARY 2015, TORONTO REAL ESTATE BOARD)

Average price of a detached home:
All of the GTA: $782,166
416 area code: $1,040,018
905 area code: $694,285

Average price of a semi-detached home:
All of the GTA: $549,447
416 area code: $702,035
905 area code: $474,292

Average price of a townhouse:
All of the GTA: $451,059
416 area code: $507,843
905 area code: $433,127

Average price of a condo:
All of th GTA: $355,623
416 area code: $369,655
905 area code: $322,055

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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Summary
Detached home price surges above $1M in Toronto
Article Name
Detached home price surges above $1M in Toronto
Description
The Toronto Real Estate Board says the 416 average detached price rose 8.9% year-over-year to hit $1.04 million in February. Supply is tight when it comes to detached homes in the city, and demand is high. Sales are up some 17% year over year.

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