Built in 1912 this modest bungalow on Muriel Avenue was purchased in 1966 for $10,000. It was assessed in 2012 for $143,000, and in 2016 for $645,000. On February 2 the ‘little-house-that-could’ sold for an astonishing $1,050,000 – $370,000 higher than the asking price. Hold onto your hats East Yorkers! Real estate values in your neighbourhood are about to skyrocket.
Bank of Montreal chief economist Douglas Porter argues that foreign buyers have shifted their attention from Vancouver to the Greater Toronto Area and Victoria BC. “In what is already a very tight and hot market, to add net new buyers can have a very big influence on prices. With modest employment growth, there is something else going on.”