How to find the cheapest property in the GTA
Toronto’s real estate market has been hard hit by a string of high-profile sales.
One of the biggest, at least in the short term, was the sale of the historic St. Lawrence Seaway to the National Capital Commission in October.
Now, the real estate website Zillow says it’s got a new listing of Toronto’s most expensive neighbourhoods, which are being sold at a record pace.
While prices in the city’s more expensive neighbourhoods are up more than 30 per cent this year, that rate has remained relatively stable across the city.
That’s not surprising, says Andrew Bercovici, senior vice-president at Zillower.
“In some of these areas that were very expensive last year, people are now looking at selling,” he says.
“There’s a huge amount of demand for these neighbourhoods.”
The numbers have changed slightly over the past month.
According to Zillows, prices in Richmond Hill have jumped by about 15 per cent, while in North York by 10 per cent.
In both cases, sales have continued to increase at an incredible rate.
And, with prices now climbing, Bercos says, that trend is likely to continue.
The latest ZillOW listing shows three of the GTA’s top ten neighbourhoods for sale, with a total of 1,532 properties for sale.
For now, Zillowing’s listings are still at a very low level compared to what the market looks like right now, with only 2,200 properties listed for sale at the moment.
The numbers for the GTA overall are also a bit lower than they were a year ago.
According, Zilow, prices are down by about 3 per cent in some areas.
That means there are almost 3,000 properties for rent in the Greater Toronto Area, but only 5,200 listings listed for rent right now.
In other words, many of those listings have been sold for less than they cost to buy.
While the realtor and realtor advocacy group Real Estate Council of Canada (REOC) is concerned that a lot of those low-priced homes are being targeted for developers, they’re hopeful that that trend will soon reverse itself.
“The fact that the real numbers are up so much is very encouraging to us,” says Bercicis, “especially when you’re looking at a number of high profile sales in the last couple of months.”
Zillovestates latest listing of the top ten most expensive neighbourhood in Toronto.
In the past year, Zilloow says there have been two major developments in the downtown core: The acquisition of the former National Bank Tower, which was part of a redevelopment plan for the building, and the sale and redevelopment of the St. Paul’s Place shopping mall.
In addition to the former building, the mall is being demolished to make way for a proposed mixed-use mixed-income development, which is being developed by Gensler.
In that project, which will include a hotel and restaurant on the ground floor, and a planned mixed-used development on the second floor, there will also be residential units, as well as a parking garage and underground parking.
Bercovi says the high demand for housing in the neighbourhood will likely push developers to make more deals with the city and provincial government.
“When the developers see how many people are going to be living in their buildings, they’ll be able to come up with even more deals,” he said.
“So, I’m hopeful that this market will continue to grow and continue to attract more development.”
Real Estate Federation of Greater Toronto President Ian Fazio says the increase in the number of homes being listed and the availability of financing for buyers will help the market stabilize over the next few months.
“It will help stabilize prices in this particular market,” he explains.
“And it’s going to help us move the market in a more rational and more efficient way.”
In the meantime, Bricos says that there is a lot more demand for homes in Toronto’s downtown core.
“That’s not just because of the number and the value of properties that have been listed,” he adds.
“We’ve also seen an increase in demand in other areas of the city.”
In some cases, it’s been buyers who are driving up prices, with some people having to borrow more to buy a home in Toronto in the past few months, Blicos says.
He says the GTA has a lot to offer to buyers, and that buyers need to consider all of the available options before they buy.
“If you’re not sure what to buy, you can borrow money, and buy a house,” he advises.
“You can buy a condo or you can rent out your house to someone who is paying you.”