Toronto Neighbourhoods Real Estate Update 2012 - North York
February 6, 2012
The North York neighbourhoods - north of highway 401 - recorded 304 sales in January 2012 with condominium apartment and townhouse sales leading the way followed by detached house sales. Willowdale (including Bayview Village) and Newtonbrook were the most active neighbourhoods in terms of sales with 84 and 72 sales respectively. These were followed closely by 66 sales in Lansing and 44 sales in Don Mills. In York Mills where the houses are more expensive and generally take a little bit longer to sell there were 17 sales.
The average condominium apartment hovered around the $350,000-$375,000 price range but keep in mind these are mostly 1 and 2 bedroom apartments. Pricing is quite a different story if you are looking to buy a detached home on one of North York's trademark expansive properties. The average price of a detached home in the aforementioned prime North York neighbourhoods is around $1,000,000. However in certain neighbourhoods like York Mills the average price of a detached home is over $2,000,000. Jacquie Othen, Sales Representative with Bosley Real Estate reports: "York Mills like the rest of the city is hot right now. Listings in the first three or four blocks north of York Mills, between Yonge and Bayview are definitely in short supply and big demand. Building lots are scarce but also very much in high demand. Being so close to the subway line and the 401 are definitely appealing to buyers."
Paula and Vicko von Stedingk, sales representatives, from Chestnut Park Real Estate handle sales in exclusive pockets of North York south of highway 401 in the Cricket Club and Hoggs Hollow neighbourhoods. Paula and Vicko report that "listing inventory is less than typical for this time of the year" and add "the market is almost as tight as it has ever been" in terms of available listings.
The average list to sale price ratio right now in North York is 98% with the exception of Newtonbrook which had a 102% list to sale price ratio in January. The average days on the market for a North York homes is approximately 30 days. Don Mills homes are selling the quickest in just 19 days. Generally speaking detached houses in North York are selling in half the time of a condominium apartment or townhouse. This is not surprising as the amount of new listings in January for condominium apartment and townhomes in North York was more than double that of detached houses that came on the market. There is no great mystery to this market. Simple supply and demand folks.
The best way to find a North York home is to contact one of the highly experienced and successful North York real estate sponsors that can be found on the www.TorontoNeighbourhoodGuide.com website. These professionals know their neighbourhood and can guide you in the right direction.
The information shown here is complied from source data obtained from the Toronto Real Estate Board. It is presented here for information purpose only. All data are subject to updates and revisions. The author assumes no responsibility for the accuracy of any information shown