What are the popular housing types driving up Toronto real estate prices?
Statistics courtesy of Toronto Real Estate Board
The March 2016 release of Toronto Real Estate Market Report reflects the average prices for four major home types in the 416 and 905 areas - detached homes, semi-detached homes, townhouses and condo apartments. The above is a quick snapshot of the macro average across Toronto for the different typologies.
The average price for a detached home in the 416 area [Toronto West, Toronto Central and Toronto East] is over $1 million. followed by semi-detached homes and townhouses. However, it's interesting to see that condos and townhouses have a much higher price momentum under the year-to-year percentage change in the 416 areas due to supply and demand.
Before buyers enter the real estate, it is important to sit down with your real estate agent to get the latest overview of the micro-market conditions based on the zone your desired neighbourhood falls under. Given prices can vary greatly for different neighbourhoods, house types, it will help your budgeting to understand the big picture.