We all know that buying a home in Toronto is a huge undertaking. There are so many properties to choose from in a number of different neighborhoods and one of your biggest decisions will be choosing where in the city you should reside. You might be best suited to Leaside real estate or maybe you will find more happiness with a condo right downtown. One of the ways of narrowing down which section of Toronto is right for you is to take a look at each and compare the market conditions throughout the city.
There are five different boroughs of Toronto and each of them comes with their own pros and cons. They are Old Toronto (which is the downtown area), East York, York, North York, Scarborough and Etobicoke. Central Toronto homes of course tend to come with less space at higher prices than homes along the outskirts of the city limits. Right now the average listing price for a home in all of Toronto is a little under $425,000. This is based on roughly 8,500 sales that took place over a month's time. The highest rate of sales growth was actually with luxury real estate. Toronto buyers in this category are looking at paying more than $750,000 for their home.
The average price on the eastern side of the city is around $330,000 and the median sales price is $305,000, with areas of the district ranging in average prices from $250,000 to $480,000. Homes in the west are seeing slightly higher price tags with an average listing price of $390,000 and a median sales price of $340,000. There are areas of the west that have average listing prices as high as $660,000. Windsor homes in the central district are, as previously mentioned, the most expensive. Homes in the center of the city start with average listing prices of well over $400,000 and go as high as $1.5 million.
The real estate market in Toronto seems to be looking up, with a twenty percent increase on the average price of a home compared to the same time last year. Spring and summer are the most popular times of year for listing and shopping for a new home. So, if you're looking for a bargain you may want to consider a move in the colder months.
Detached homes and condo apartments account for the largest number of sales of real estate in Toronto. Next in line are semi-detached homes and the various styles of townhouses. If you're not ready to make the leap into owning your own real estate yet, there are hundreds of quality condos for rent on the market. Come and explore the city and you are likely to find the perfect living option for you. There truly is something for everyone in Canada's largest city.