The Cabbagetown real estate market thus far in 2012 can best be described as a sellers market that is experiencing an upward movement in prices. This is not surprising as Cabbagetown like many downtown Toronto neighbourhoods, is currently enjoying a renewed popularity. This increased demand for houses coupled with a short supply of listings has resulted in half the of the 28 sales recorded this year selling for asking price or above the list price.
Pamela Fenton, Sales Representative from Homelife/Realty One Ltd, Brokerage, has been selling houses in Cabbagetwon for 11 years and has lived in this neighbourhood since 1987. Fenton says the real estate market in Cabbagetwon right now is definitely busier than ever with prices skyrocketing and the highest I have seen in my 11 years of selling." Fenton explains " Lots of young professionals are buying, singles, couples and some families - Victorian homes are always in demand. Closer to Riverdale Park you will see more young families than west of Parliament. As well we have a strong multi- cultural presence which make Cabbagetown truly unique."
The average price for a Cabbagetown home is currently $800,000. Victorian row houses and semi-detached homes comprise the bulk of the housing stock. Cabbagetown is renowned for having one of the best selection of Victorian houses in North America. Cabbagetown is proud to be recognized as an Ontario Heritage Conservation district. The red brick Victorian's with their manicured city gardens will charm you, as will the Victorian cottage or coach house that you may stumble upon, hidden off an enchanting lane-way. These whimsical homes are always in great demand. The average Cabbagetown home is currently taking just 18 days to sell with an average list to sale price ratio of 102%.
Fenton points out that "Cabbagetown is a true downtown community - right in the heart of Toronto. I often feel I live in a village surrounded by beautiful architecture, history and small shops with a multicultural urban vibe right here in the centre of the city." Cabbagetown homebuyers appreciate the close proximity to Ryerson University, George Brown College and the University of Toronto. Neighbourhood residents can walk to Riverdale Park and Zoo, St. Lawrence Market, the Distillery District and Yonge Dundas Square. Convenient access to public transit is another plus.
The massive scale redevelopment of the Regent Park neighbourhood to the south of Cabbagetown has impacted positively on the entire downtown east corridor and Cabbagetown has certainly benefited from this as well. Fenton offers the following advice for Cabbagetwon homeowners: "If you are planning to sell- this is the time- the market is hot ! And its definitely a seller’s market-with a small inventory of listings." For home-buyers Fenton adds: "This is a unique and buzzing part of downtown Toronto with a strong sense of community and its only getting better- You will love it!"
* Cabbagetown neighbourhood insights provided by Pamela Fenton, Sales Representative, Homelife/Realty One Ltd., Brokerage. Pamela Fenton can be reached by callling 416-388-5754 or by email: email@example.com
** The information provided herein is compiled 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.
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