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ANALYSIS: The $1 million hurdle – at least that’s how I look at it as a resident of the Toronto ‘burbs (the 905) who harbours a not-so-secret desire to live in the city again.
For the first time, the average selling price of a Toronto (416 area code) detached home has pushed above $1 million.
The Toronto Real Estate Board says the 416 average detached price rose 8.9 percent year-over-year to hit $1.04 million in February. Supply is tight when it comes to detached homes in the city, and demand is high. Sales are up some 17 percent year over year.
Toronto detached average selling price jumps above $1 million, but average selling price of a 416 townhome falls 7% in February. @BNN— Greg Bonnell (@gbonnell) March 4, 2015
I have a detached home in Brampton, a city in its own right but considered by most 416ers as an appendage to Toronto, a suburb, a place to rest your head between work days.
And I’ve been watching the $300,000 gap with great interest. It’s the ballpark difference between the average selling price of a 416 detached and a 905 detached.
The gap held in February, with the average selling price of a 905 detached rising 8.5 percent to $694,285. (I bought mine in 2007, for a lot less than that.)
If you live in Vancouver, $1.04 million for a detached in the city sounds like a bargain. Join the club, Toronto.
Apart from the detached market, there were very interesting moves in the townhouse and condo segments for the 416. Condo apartment sales were up 12.4 percent, but the average selling price fell 0.9 percent. Townhouse results were even more jarring; sales were up 10.7 percent but the average selling price fell 7 percent, year-over-year.
Condo glut? Toronto condo sales up 12% but the average selling price dropped almost 1% in February, year over year. @BNN— Greg Bonnell (@gbonnell) March 4, 2015
Detached housing is clearly where the price appreciation action is for Toronto, and I salute you if own one and got in before the price acceleration of the past years.
On another note, I’ve started reading investment manager Hilliard Macbeth’s new book, “When the Bubble Bursts: Surviving the Canadian Real Estate Crash.” I’ll be talking with Hilliard in the coming weeks on BNN.
BY THE NUMBERS (FEBRUARY 2015, TORONTO REAL ESTATE BOARD)
Average price of a detached home in the GTA: $782,166
Average price of a semi-detached home in the GTA: $549,447
Average price of a townhouse in the GTA: $451,059
Average price of a condo apartment in the GTA: $355,623