Will it really sell for that much more than the average home in Toronto?
A few weeks ago a house in Toronto’s exclusive Yorkville neighbourhood was listed for $900,000 – a full $200,000 less than the average house price in that area, according to the real estate search engine Trulia. And that was the question asked of almost everyone on Twitter.
It would be difficult to imagine a Toronto home selling for anything less than $2m now, after two years of meteoric price growth. But according to Toronto city data for 2013, the most recent available, the average home price was $396,500. Over the next five years that grew to $1.05m in 2016, $2.59m in 2017 and, according to the most recent figures from August, $2.82m – a 30% rise in five years.
This £6.4m house hit the market two weeks ago. Photograph: Evan McCann
That makes the house on Draper Road only 20% over the average price, but Trulia suggests it may appeal to a buyer prepared to deal with a thrifty mentality. Average house prices vary by district, from Yorkville at 50% to the far downcountry of Scarborough at just 13%.
And, as Mike Bonin, head of Aide-to-Trulia, notes: “While it seems that the average home price around Toronto is seeing significant gains, this deviation is nothing compared to what some areas of the city are seeing.” Bonin finds the average price in the central Don Valley is currently $895,000, the highest in Canada and the third highest in the world.
Other cool homes for sale in Canada (out of 285,000 for sale)
Monroe house – Quebec City, $185,000
Monroe house, Quebec City, Quebec. Photograph: Marc Bubka/Flickr RF
There’s a swimming pool and a dog run at this $185,000 Montreal condo.
Soho House – Toronto, $225,000
Multinational club operator Soho House is offering to offer its members a chance to buy in to their very own Toronto loft.
Toronto Distillery District – $3.95m
Toronto Distillery District. Photograph: PR
This luxe 90,000 sq ft will sell for more than $5m (it’s 60% higher than the average home price).
Culnaby House – Vancouver, $1.3m
Culnaby House, Vancouver. Photograph: PR
Canada’s tallest apartment block has 120 apartments spread over 11 storeys. From $2,885 per sq ft.