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The changing Toronto market
Appraisers are taking a second look at properties
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Market price spikes
Feb 10, 2017
Last week a detached bungalow listed at $679,900 with a 20 feet wide and 78 feet deep lot sold for $1,050,000. This house was located on Muriel Avenue in the Greektown neighbourhood at Pape and Danforth. This is an area often taken up by parking pads barely large enough to park a car. The sellers have owned the home for 50 years and paid $10,000 in 1966. The listing welcomed builders, contractors and renovators as the property would be considered a tear down.
Prices in the GTA continue to soar. With a housing shortage the average price of detached houses increased by 26.8% last month to $1,34 million.
Bank of Montreal chief economist Douglas Porter said an array of factors contributed GTA’s booming housing market but believes the turning point came when the B.C. government implemented the 15% tax on foreign home buyers. He argues that there has been a shift of attention among some foreign buyers to the GTA and the Victoria region.
Real estate website and brokerage Zoocasa that Toronto townhouses will be a hot commodity in 2017 as prices for detached properties jump even further out of reach.
With the sale of the house on Muriel Avenue, future listings for skinny lots in the East York area will use this as a rough guide for setting real estate values.
Higher – end Toronto neighbourhoods with larger lots are also experiencing price spikes. The area which includes Bridle Path saw an average price for detached homes of almost $4 million last month and mid – town sales including the Annex and Casa Loma, averaged nearly $1.9 million.
Adapted from Brent Jang Globe and Mail