Buoyed by ebbing economic concerns and favourable interest rates, demand for houses in the Toronto area was strong in the first three months of 2012.
Fully one third of homes sold on the Multiple Listing Service drew multiple offers as competition for well-located properties turned combative. But the intense demand was not limited to the city’s tony neighbourhoods, says Realosoply Realty Inc. president John Pasalis.
“With prices up 10 per cent over last year,” he says, “first-time buyers in search of value have driven up demand for homes in more affordable and lesser-know neighbourhoods.”
So just where are people buying? Check out the accompanying tables for west, east and central Toronto.
Note: Readers should be careful to note that the data is drawn from a relatively small, three-month sample intended to compare this year’s early spring market with the same period last year. Some of the data is skewed by the small number of sales. Allenby, Rathnelly, Regal Heights, Teddington Park and Playter Estates, for instance, had fewer than five sales each. Other neighbourhoods had an unusual prior period. Hillcrest (down 31%) for instance, registered six sales between $1-million and $2-million in spring 2011, but only two this spring.
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