Are you a home buyer waiting for the market to crash before buying?

We know home prices have skyrocketed in the last five years. But how much have prices gone up and what does your money buy you today versus what it did then? I have selected a few houses we sold 5 years ago and contrasted them to 5 houses we sold in a similar price point in 2013 to compare what your money buys you today versus what it did then. If you're a home buyer who's been waiting for the market to crash before getting into the market, it may be prudent to act now instead of waiting. Doing so in Toronto, as evident from these examples, can wipe you out of the market completely.

25 Gloucester Grv in Cedarvale
sold for $689,000 in July 2008

25 Gloucester

3 Belvidere Ave in Cedarvale
sold for $718,018 in March 2013

3 Belvidere ave
In 2008 one could purchase a first time buyer detached house in excellent condition in Cedarvale for $689,000 and in 2013, a buyer paid 4% more for a first time buyer semi detached home.
Lot size 27 ft by 100 ft
Type Detached
Style 2 Storey
Bedrooms 3
Bathrooms 2
Basement Finished
Driveway Mutual
Parking 1 car
Condition Excellent
Lot size 20.83 ft by 80 ft
Type Semi Detached
Style 2 Storey
Bedrooms 3
Bathrooms 2
Basement Finished
Driveway Mutual
Parking 1 car
Condition Exceptional

24 Glenholme in Regal Heights
sold for $774,000 in June 2008

24 Glenholme edit

111 Oakwood in Regal Heights
sold for $810,000 in June 2013

111 Oakwood Ave edit
In 2008 one could purchase a move up buyer detached house on a quiet tree lined street in Regal Heights for $774,000 and in 2013, a buyer paid 4.7% more to buy a move up semi detached on a busy through street in the same area.
Lot size 35 ft 110 ft
Type Detached
Style 2 Storey
Bedrooms 4
Bathrooms 2
Basement Finished
Driveway Mutual
Parking 1 car
Condition Excellent
Lot size 25 ft 110 ft
Type Semi Detached
Style 3 Storey
Bedrooms 5
Bathrooms 2
Basement Finished
Driveway Private
Parking 3 cars
Condition Excellent

77 Humewood Dr in Hillcrest
sold for $780,000 in Sept 2008

77 Humewood 1

247 Benson Ave in Hillcrest
sold for $747,018 in May 2013

247 Benson
In 2008 one could buy a move up detached house on a 35 foot lot with a private drive on coveted Humewood Drive in Hillcrest Village for $780,000 and in 2013, a buyer paid just a touch less for a first time buyer semi detached with a mutual drive in the same neighbourhood.
Lot size 35 ft 125 ft
Type Detached
Style 2 Storey
Bedrooms 3
Bathroom 1
Basement Finished
Driveway Private
Parking 3 cars
Condition Good
Lot size 20.83 ft by 80 ft
Type Semi Detached
Style 2 Storey
Bedrooms 3
Bathrooms 2
Basement Finished
Driveway Mutual
Parking 1 car
Condition Excellent

320 Rushton Rd in Hillcrest
sold for $950,000 in July 2008

320 Rushton front

502 Rushton Rd in Hillcrest
sold for $900,000 in March 2013

502 Rushton front
In 2008 one could buy a move up detached house on a 40 foot lot with a private drive on one of the most coveted blocks on Rushton Road for $950,000 and in 2013, a buyer paid just a touch less for a first time buyer detached home on a 25 foot lot up the street.
Lot size 40 ft by 122 ft
Type Detached
Style 2 Storey
Bedrooms 4
Bathrooms 2
Basement Partially Finished
Driveway Private
Parking 4 cars
Condition Good
Lot size 25 ft by 121.64 ft
Type Detached
Style 2 Storey
Bedrooms 3
Bathrooms 2
Basement Finished
Driveway Lane
Parking 2 cars
Condition Excellent

183 Arlington Ave in Hillcrest
sold for $859,000 in Sept 2008

183 Arlington edit

186 Arlington Ave in Hillcrest
sold for $801,000 in May 2013

186 arlinton
In 2008 one could buy a move up detached 3 storey home in excellent condition on Arlington for $859,000 and in 2013, a buyer paid just a touch less for a smaller move up 2 storey house that needed to be gutted just across the street.
Lot size 31.75 ft by 130 ft
Type Detached
Style 3 Storey
Bedrooms 5
Bathrooms 3
Basement Finished
Driveway Mutual
Parking 2 cars
Condition Excellent
Lot size 28 ft by 130 ft
Type Detached
Style 2 Storey
Bedrooms 4
Bathrooms 2
Basement Partially Finished
Driveway Mutual
Parking 0 cars
Condition Poor
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2 Responses to Are you a home buyer waiting for the market to crash before buying?

  1. Smart marketing! Impressive!
    Best regards,
    JJ

    Reply
    • Josie says:

      Thanks Jeffrey. I appreciate the feedback. Hope you’re well.
      Josie

      Reply

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