North Toronto neighbourhood Real Estate Update 2015
November 30, 2015
The North Toronto neighbourhood comprises a large area of what is now considered Uptown Toronto. The close proximity to Downtown Toronto has encouraged real estate speculators to invest and build in this area dating back to the first landowners in the early 1800s. When North Toornto was annexed by the City of Toronto in 1912 land speculation along with a flurry of building activity hit an all-time high; that is until now. It seems everything old is new again when it comes to real estate in North Toronto with a remarkable 86 recorded MLS sales in 2015.
Most North Toronto houses sold in the twenty to forty thousand dollar price range when they were originally built mainly in the 1920s.30s and 40s. Compare those price to 2015 where the average sale price in North Toronto is currently $1,348,000. Entry level houses start in the $680,000-$900,000 range. Fiifty-five houses sold for over one million dollars, six houses sold for over two million dollars and one house cracked the three million dollar mark this year. The demand from homebuyers looking to move into this neighbourhood is reflected in the average list to sale price ratio which is an incredible 104% reflecting the fact most North Toronto homes are attracting multiple bids and are selling for over the asking price. The average North Toronto home sells in just 14 days. This average days on market would be much less if not for the fact many sellers wait a week or so after the official MLS launch date to accept offers.
Homebuyers will find a vast array of options in this neighbourhood. The original houses in the neighbourhood consist of Tudor and Craftsman style bungalows, semi-detached houses and detached homes ranging in architecture from late Victorian to Georgian and Colonial as well as Craftsman and Tudor style homes. The whimsical architecture of these older homes combined with the mature tree canopy found on most streets, combine to make North Toronto one of the prettiest neighbourhoods in Toronto. North Toronto is also a magnet for new homebuyers. Some of the infill homes are quite spectacular however a few of the contemporary homes would make early North Toronto developer Wilfred Servington Dinnick shudder. Dinnick was known to incorporate strict architeectural guidelines into his plans of subdivision. These restrictions were intended to ensure a uniform streetscape where all the houses meshed nicely into their bucolic setting.
North Toronto has also emerged as a prime site for new condominium development thereby satisfying the demand for an entry level price point into this popular family oriented neighbourhood. The median price for a two bedroom condo in North Toronto with parking is currently $585,000 with overall prices ranging from the high three hundred thousands to over two million dollars. North Toronto's popularity with homebuyers stems from its close proximity to downtown, convenient subway access to the Yonge TTC line, quaint neighbourhood shops and restaurants , abundance of greenspace, parks and ravines, and of course excellent schools led by the recently rebuilt North Toronto Collegiate.
If you are planning to buy or sell a home in North Toronto please be sure to contact the North Toronto neighbourhood sponsor Lenore Hodgson, Sales Representatives, Royal Lepage Johnston and Daniel Division. Lenore can be contacted at (O) 416-489-2121 , (C) 416-876-6528, Email: email@example.com and visit Lenore's website: www.lenorehodgson.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 publisher assumes no responsibility for the accuracy of any information shown.