The media is having their seasonal love-affair (hate-affair?) with Toronto real estate these days, motivated by the fact that the average home in the Greater Toronto Area surpassed the $500,000 mark for the first time in February 2012 – to $501,600 to be exact.
As a Toronto Realtor, this new average price number tells me 2 things:
1 – The Greater Toronto Area is a huge area and includes suburbia. $501,600 doesn’t get you a whole lot of house downtown. In fact, when potential clients approach us with a $500,000 budget and want a house (as opposed to a condo) – we cringe. Fact: the average downtown property actually sold for $615,000 in March – and that includes a lot of condos that bring the average down. Fact: The average house south of Bloor, between Leslieville and Parkdale sold for $728,627 in March. Fact: that number gets a LOT higher when you add in Roncesvalles, High Park and the Beaches.
2. Toronto is probably the cheapest world-class city in which to own real estate. Seriously – could you buy a condo in New York or London or Paris for $500,000, let alone a house? You can’t even do it in Vancouver. Torontonians are some of the luckiest urban people – we can still live ‘downtown’ without having to be millionaires. (and yes, I am already anticipating your comments about why Toronto isn’t on par with New York or Paris, so bring it on).
So that begs the question…what does $500,000 get you these days? So without further ado, here are some recent sales under $500,000….
97 Frizzel – a small but cute 2 bedroom, 1 bathroom renovated home in Riverdale with parking. Sold at asking in 6 days. (List price: $499,900)
15 Coolmine – Semi-detached duplex in Little Portugal being sold ‘as is’. Sold under asking in 7 days. (List price: $515,900)
118 Armstrong – A 3 bedroom, 2 bathroom home at Dufferin/Bloor – in need of some TLC. Sold under-asking in 27 days. (List price: $499,900)