We regularly talk to Buyers who are “waiting for prices to come down’ – in fact, we’ve been talking to them for years about it. I thought it might be interesting to look at how home prices in Toronto have changed since 2009, using properties we’ve sold over the years and comparing them to properties that have sold in the last few months. Get ready…this will be a fun ride.
Brockton Village 2009 vs Today
OK, this is actually our own home. We bought it in February 2009 in what turned out to be the bottom of the market. It’s a fully renovated 1887 Victorian with 3 beds and 3 baths on a 20 x 120 foot lot and it has a pretty wicked living/dining/kitchen space and really tall ceilings. It’s way more house than 2 people and 2 dogs need (2,200 sqft). We paid $442,000.
Just last week, a house one street over from us sold. It was a condo alternative – beautifully renovated, with 2.5 bedrooms, 1 bathroom and an unfinished basement. It was a small house (1,200 sqft-ish) on a 66 x 14 foot lot. It sold for $610,000.
Bloordale 2010 vs Today
One of our Buyers bought this great house on Symington in 2010 – beautifully renovated with 3 bedrooms, 2 baths, parking and a nice open concept living space. She paid $450,000.
This similar home (on the same street) featured 3 bedrooms, 2 baths, parking and some nice renovations. It sold this year for $539,900.
Liberty Village: 2011 vs Today
We sold this townhouse nestled in between Queen West and Liberty Village in 2011. It was a lower unit (partially below grade) with 2 bedrooms and a den and a huge terrace. It sold for $374,000.
Essentially the same unit sold this year for $380,000.
Roncesvalles: 2012 vs Today
This home was purchased last summer by our clients. With 3 bedrooms, a large living area and gorgeous eat-in kitchen, it also had a good size yard with deck and parking. They paid $728,000.
Flash forward to this spring, where Roncesvalles is one of the hottest neighbourhoods out there. This similar 3 bedroom home with finished basement and a deep lot sold for $876,000.
So if you’ve been waiting to buy a house downtown, be careful – you might get priced right out of the market. $500,000 doesn’t go nearly as far as it did a few years ago – in fact, it’s hard to find a house in downtown Toronto for less than $600,000 these days. What will $600K buy you next year? In 3 years? In 5 years?
If you want to talk about getting in on the market, give us a call or send us a message!