Once this neighbourhood was called Clover Hill. Now it’s the Bay Street Corridor, an ever-growing condo gulch, home to thousands of high-income cliff dwellers. Sandwiched between Yonge Street and Bay, close to the Ontario Legislature, Bloor Street West, the University of Toronto and Queen’s Park, the district has changed from low-rise to high-rise in no time at all. <PHOTO ABOVE – condominiums either sold or available in a Bay Street realtor’s office window> <PHOTO ABOVE – the Bay Street Corridor a couple of years ago, before they really started building. Panoramio Google Maps>
According to the Toronto Real Estate Board (TREB) February/2015 sales within the 416 area code have now passed the $1-million mark. Demand remains high for some detached houses (or tear downs) with short commutes or inside city limits. Further out, it’s less expensive.
Condominium sales also went up – 10% year over year – while prices remained relatively steady despite an escalating increase in supply. The average price for a condo in the 416 in February was $369,655 and in the 905 outer suburbs $322,055, narrowing the gap between suburbs and downtown. <PHOTO ABOVE – Brandon Tarek>
TORONTO’s real estate market was firing on all cylinders in 2014, with a 38% surge over 2013 in the sale of high-end houses and apartments. Sotheby’s International Realty Canada reports that TORONTO has even outstripped VANCOUVER at 25%, as well as MONTREAL at 21% and CALGARY at 16%.
Sotheby’s Canada president & CEO ROSS McCREDIE: “There are about 270,000 high-net-worth families in Canada and there are more of them driving this market than ever before, especially in the Greater Toronto Area (GTA).
“The real story, maybe more in the GTA than anywhere else in Canada, is that the baby boomer is largely driving this market right now. They have a lot of money, they are inheriting a lot of money and they are giving away a lot of money,” he said.
Within the GTA, sales of homes between $1-2-million were up 39%; sales of $2-4-million were up 38% over 2013; and $4-million-plus sales increased by 10%.
MUNICIPAL TAXES IN 2013 ON A $400,000 HOUSE OR CONDO IN THE GREATER TORONTO AREA (GTA)
City of TORONTO – $2,983*
Markham – $3,465
Oakville – $3,644
Mississauga – $3,707
Halton Hills – $3,741
Newmarket – $4,204
Brampton – $4,625
Waterloo – $4,840
Pickering – $5,297
Hamilton – $5,640
*In TORONTO, the municipal land transfer tax on purchases of all property is 0.5% on the first $55,000, 1% on the amount between $55,000 and $400,000, and 2% on the amount over $400,000. First-time homebuyers pay no city land transfer tax on the first $400,000 of the purchase price – (TREB) Toronto Real Estate BoardAVERAGE AMOUNT SPENT ON A FIRST HOME IN CANADA’S LARGEST CITIES
VANCOUVER – $506,500
TORONTO – $408,300
CALGARY – $363,400
MONTREAL – $237,900
QUEBEC CITY – $222,300