Average detached home prices in north central Toronto, particularly along the Yonge Street corridor, nudged above the million-dollar mark in the first half of 2007, according to Toronto Real Estate Board.
The area - which encompasses such tony neighbourhoods as Forest Hill, Chaplin Estates, Deer Park and Cedarvale - saw average home prices increase by nearly 17 per cent, from $895,000 to $1,046,500, the largest such jump among 62 Toronto Real Estate Board districts. The increase could be attributed to the three Ls of real estate: location, location, location.
The demand is evident along Yonge Street from Bloor up to Hwy. 7. It's right on transportation lines, with the subway and trains, so the demand will always be there.
The increase in demand in midtown Toronto indicates a reversal of a recent trend that saw many in the city looking for larger or cheaper homes in the 905 area code.
A lot of people have been looking to get into the central core, perhaps realizing that if they don't jump in now, within a couple of years, it may be out of reach.
The demand in North Toronto and midtown communities was virtually unparalleled.
Closer to the downtown core, an area including South Hill and Yorkville ranked third in terms of price increase among detached homes, with the average price rising 14.3 per cent to $883,869. That district also saw the second-largest increase in condo prices, with a 28.44 per cent jump, to $663,688.
Jane Renwick of condominium market research firm Urbanation added that the volume of condos being built represented a shift in real estate buying trends, both among first-time buyers and previous homeowners.
"(Condo ownership) would definitely be the trend in midtown if you just look at the number of new units being built there," she said. "In a residential area, condos used to be an alternative to (detached) home ownership, but now it's a first choice."
Renwick said the Yonge Street corridor, especially in North Toronto and North York, is popular among condo builders and buyers because of its easy access to public transit and Hwy. 401.
"It's a real transportation hub, which is a key because of all the job growth in the 905," she said.
Renwick added that condo ownership in North Toronto also allows buyers to live in a community setting in the heart of a major city, which adds to the unprecedented demand for units.
"It's like a machine," she said. "No matter how many (condo) buildings open along parts of that corridor, they're still soaked up." (mirror-guardian.com)
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