The Weir Team continues to work with savvy buyers looking to purchase their first, second or even third home all throughout Toronto and into the increasingly popular areas of Pickering, Ajax and Whitby.
While budget is always a factor, Cameron Weir and Scott Hanton are meeting many new clients who are only looking for one thing: A detached house. And we’re witnessing crazy demand and bidding wars for even the simplest of houses that appear to have what many are calling “potential value” and “future value”.
The population of the Greater Toronto Area is expected to increase from 6.5 million in 2013 to 9.4 million in 2041. Within the GTA, Toronto’s population is projected to rise from 2.77 million in 2013 to 3.64 million in 2041, an increase of 31.3 per cent. Growth in the other census divisions of the GTA (Durham, Halton, Peel and York) will be significantly faster than the Ontario average, with the addition of almost 2.1 million people to the suburban GTA. (Source: Ontario Ministry of Finance).
There’s no doubt about it. Since they’re not making many more detached homes in downtown Toronto and outlying neighbourhoods, millions of new residents will need to cram into condos or apartments and share walls with millions of others. While we’re all for urban density, many property buyers are seeing the value of grabbing a detached house now while they can. And the closer you get to downtown Toronto, the crazier the competition.
Just this past week, two streets that The Weir Team knows very well witnessed a mad dash to grab two detached houses. On Hiawatha Road in Leslieville, a renovated 2 storey, 3 bedroom house listed for a “reasonable” $789,000 sold for a whopping $921,000. Even more startling: a modest 3 bedroom bungalow on Woodfield Road asking $749,900 sold for a whopping $950,000. That’s right. A bungalow.
The detached factor can clearly spark fierce bidding wars and if you’re sitting pretty in a downtown detached home thinking about selling you may want to consider “cashing in”.
In all of Toronto the past 7 days according to MLS, 189 detached houses were sold (less than $1,500,000). The average selling price for those detached homes was $836,612. During the same time period only 86 semi-detached or rowhouses were sold at an average selling price of $700,958. More buyers are willing to pay considerable more to not have to share walls with their neighbours.
Next week, make sure to come by our latest detached house listing at 38 Hiawatha Road. It’s a gorgeous 3 bedroom house, tastefully appointed with a legal basement apartment, parking and a separate guest house that’s perfect for an office. We’re all very curious to see how the market will react to this detached house. Contact us for updates.
Written by Scott Hanton, Broker for The Weir Team