By: Zoocasa
Have prospective buyers dead-set on a single family home given up on the City of Toronto? Recently released October data from the Toronto Real Estate Board (TREB) appears to tell this story. Over 177 per cent more detached homes were sold in the 905 than the 416 this October, at 2,446 to 882.
Price is probably the biggest contributing factor to this shift: detached homes are 43 per cent less expensive in the 905 versus the 416.
Single-family homes in the 905 region, which include the Halton, Peel, York, Durham, Dufferin and Simcoe areas to the east, west and north of Toronto, sold for an average of $914,179. Detached houses in the 416, in contrast, sold for an average of $1,311,265.
Of course, it’s possible to find cheaper-than-average properties in the 416. Detached houses for sale in Etobicoke, for example, in the western boroughs sells for just over $1.2 million. But there are also a few areas in Toronto, like in Lawrence Park, where houses go for far above average, and as high as $3.2 million.
In contrast, the highest a detached home sells for in the 905 is 1.3 million in King city, and you can get a single-family home for as low as $530,000 in a region like Oshawa.
The same disparity holds true for condo -- buyers are paying a 30 per cent premium in the 416 versus the 905, with the average selling price this October being $603,153 to $461,013.
Sometimes the price gap can be far higher.
Condos for sale in Mississauga, a populous and dense city just to the west of Toronto,for example, sold for an average of $442,007 this October while a condo in central Toronto sold for $674,252 -- 52 per cent more.
That’s probably why condo sales are exploding the 905, with sales up 12.5 per cent year over-year and only up a paltry 2.8 per cent in the City of Toronto.
Overall, it looks like prospective buyers have realized twill get far more bang for their buck for all market types if they head to the 905.
