Westline condos . Community housing prices skyrocketed by 25%! The housing market in the Greater Toronto area has gone crazy. Needless to say, I believe everyone has seen all kinds of “house robbing” cases told by real estate agents in moments and felt the temperature of the housing market.
According to the latest report from Strata.ca, the three Toronto neighborhoods that have seen the biggest appreciation in the past year are the easily overlooked neighborhoods: Jane and Finch,Rexdale and Malvern. Jane and Finch is an area where shootings and assassinations occur frequently in Toronto, adding to the concerns of residents who want to invest or live in the area.
The increase in value in these three areas is far more than 2% of that in cities, with some apartment buildings increasing by more than 20%.
In the past 12 months, the overall growth of Malvern has reached 14%. Jane and Finch have increased by 11%.
The value of the King’s Terrace apartment in 6 Humberline Drive in the Rexdale neighborhood has soared 23% in the past year. Jane&Finch has seen the biggest appreciation of 10 Eddystone Avenue, rising by an average of 25 per cent over the past 12 months.
These figures are in sharp contrast to the downtown area, which has depreciated by 6 per cent in the past year as a whole, the report said.
Strata.ca also found that apartment buildings with the best return on investment were also concentrated in these three areas. Robert Van Rhijn, a real estate agent, believes that immigrants are driving the pace of property appreciation in peripheral areas, including North York, Etopi Valley and Scarborough.
“many immigrants may not be able to buy property in the city center,” Rhijn said. Since prices are usually higher in the city center, people usually seek higher value from remote areas. This gradual increase in demand has contributed to the rise in property values in these areas. “