The average sale of a detached home within the City of Toronto is now at One Million Dollars. Market Watch for June 2014 shows average sale at $943k.
Average selling prices varied across the Greater Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439. The average price for condominium apartments was $401,809 in the City of Toronto and $307,307 in the surrounding regions.
That means that the home you bought for $500k only 10 or 12 years ago has doubled and you are able to sell to fill your family needs going forward.
You are also in your power earning years.
You are prepared to pay the Toronto Land Transfer Tax on this purchase.
Interest Rates at 3% Fixed for 5 years make this very comfortable
We are all waiting for the retirees to finally sell! BUT, they are making their homes more comfortable [especially when compared to retirement home costs.] Housing Inventory (the number available for sale) has declined about 10% per year since 2005 forcing more competition among shoppers.
So let's have a quick look at what was sold in the last 60 days in west Toronto detached.
What was actually sold in the last few months.
You do need to sign in to get this PDF but I do have a No Stalking Rule.
Better Still... Let's update with #MillionaireMondays on Twitter.