With the housing market rising slightly in June we have come to see that homes in the Beach have shown the highest price appreciation in the Toronto area in the first six months of this year.Detached homes in the Beach gave the best resale return-on-investment in the GTA. The average price rose 3.79% to $715,422 in the first half of 2009 compared to the same period in 2008.
Next in the rankings, we see that Pickering was second place, further east in the Durham Region where the prices climbed 3.72% to $389.536 compared to the first 6 months in 2008.
Willowdale came in third with the usual detached home rising 3.32% in value to $779.537.
We have seen the Downsview/ Weston areas showed a 2.25% increase to $384.483 while areas in Scarborough, the Rouge and Malvern areas showed a 1.99% increase to $345.486.
In the condominium sector we see the most rises in prices among resales. Condominiums I Cliffcrest and Guildwood led the pack with the average results price climbing 6.45% to $175.855.
Now it was not like all neighbourhoods saw their prices climb the past few months.
In Mississauga’s Lorne Park-Sheridan neighbourhood there was a 16% decrease in the average home’s value over the past six month to $683.568 compared to last year.
Scarborough Oakridge and Birch Cliff neighbourhoods took the second biggest hit of a 13.6% decline to $715,422.
There is an increase of 2% in the overall prices of existing detached homes and condos in the Toronto area.
The increase in prices and activity might be because of buyers taking advantage of the lower pre-approved mortgage rates before they expire, which could happen with recent news of the recession being over.
Nelson Goulart
Broker of Record with Signature Service GMAC Real Estate
www.ssgmac.ca
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