Are you still waiting for the market to crash before buying?

are you waiting for the market crash

Last June we wrote a blog comparing what your money bought you in 2013 versus what it did in 2008. You can read the blog here. It was evident from these sales that prices had gone up substantially in five years. In this blog we want to show you what your money buys you in 2014 versus what it did just last year.You will see that prices have reached stratospheric levels and if you're a home buyer waiting for the market to crash before buying, 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.

As a matter of fact all of the following houses that sold in 2013 have gone up in value by at least 10% and a few even as high as 20% since they sold in 2013.

116 Lauder Ave in Regal Heights
sold for $1,450,000 in Feb 2013

116 Lauder Ave
Click to go to listing

48 Highview Cres in Regal Heights
sold for $1,422,000 in Feb 2014

48 Highview Cres
Click to go to listing
In 2013 one could buy a top quality rebuilt move up buyer house in Regal Heights for $1,450,000 and in 2014 a buyer paid slightly less for a similar size house that was partially renovated 9 years ago in the same area.
Lot size: 30 ft by 115 ft
Type: Detached
Style: 3 Storey
Bedrooms: 4 w/2 having en-suite bath
Bathrooms: 5
Basement: Finished w/8 ft ceiling height
Driveway: Mutual
Parking: 1 car
Condition: Exceptional
Lot size: 35 ft by 118 ft
Type: Detached
Style: 3 Storey
Bedrooms: 5
Bathrooms: 4
Basement: Finished
Driveway: Private
Parking: 3 cars
Condition: Excellent

65 Cherrywood Ave in Hillcrest Village
sold for $882,000 in February 2013

111 Oakwood Ave edit
Click to go to listing

102 Atlas Ave in Hillcrest Village
sold for $950,000 in February 2014

102 Atlas Ave
Click to go to listing
In 2013 one could buy a 3 bedroom in prime Hillcrest Village (Woods streets) with a main floor family room for $882,000 and in 2014, a buyer paid 7.7% more to buy a 3 bedroom further west without a main floor family room.
Lot size: 25 ft 120 ft
Type: Detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 2
Basement: Finished
Driveway: Mutual
Parking: 1 car
Condition: Excellent
Lot size: 25 ft x 200 ft
Type: Detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 3
Basement: Finished
Driveway: Mutual
Parking: 3 cars
Condition: Excellent

438 Winnett Ave in Cedarvale
sold for $602,000 in March 2013

247 Benson
Click to go to listing

442 Winnett Ave in Cedarvale
sold for $685,100 in February 2014

77 Humewood 1
Click to go to listing
In 2013 one could buy a bungalow on a 30 foot lot with a private drive on Winnett Ave in Cedarvale for $602,000 and in 2014, a buyer paid 13.8% more for a bungalow on a 25 foot lot with a mutual drive on the same street.
Lot size: 30 ft by 133 ft
Type: Bungalow
Bedrooms: 2
Bathrooms: 2
Basement: Finished
Driveway: Private
Parking: 1 car
Condition: Good
Lot size: 25 ft by 133 ft
Type: Bungalow
Bedrooms: 2
Bathroom: 2
Basement: Apartment
Driveway: Mutual
Parking: 1 car
Condition: Good

28 Holland Park Ave
in Oakwood/Vaughan
sold for $640,000 in July 2013

186 arlinton
Click to go to listing

136 Holland Park Ave
in Oakwood/Vaughan
sold for $661,000 in April 2014

136 Holland Park Ave
Click to go to listing
In 2013 one could buy a fully renovated 3 bedroom with an addition east of Oakwood in Oakwood/Vaughan for $640,000 and in 2014, a buyer paid $661,000 for a partially renovated 3 bedroom without an addition located in the less popular west side of Oakwood on the same street.
Lot size: 16 ft by 105 ft
Type: Detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 2
Basement: Finished
Driveway: Private
Parking: 2 cars
Condition: Excellent
Lot size: 25 ft by 95 ft
Type: Detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 2
Basement: Finished
Driveway: Mutual
Parking: 1 car
Condition: Good

17A Robina Ave in Hillcrest Village
sold for $714,000 in June 2013

502 Rushton front
Click to go to listing

143 Brandon Ave in Dovercourt-Wallace
sold for $726,000 in March 2014

320 Rushton front
Click to go to listing
In 2013 one could buy a 3 bedroom townhouse with a private drive and built in garage in Hillcrest Village on Robina Ave for $714,000 and in 2014, a buyer paid more for a 3 bedroom townhouse on Brandon Ave. in a less popular area.
Lot size: 18 ft by 130 ft
Type: Semi detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 3
Basement: Finished with walk out
Driveway: Private
Parking: 3 cars
Condition: Excellent
Lot size: 17 ft by 93.5 ft
Type: Semi detached
Style: 3 Storey
Bedrooms: 3
Bathrooms: 4
Basement: Finished
Driveway: Lane
Parking: 1 car
Condition: Excellent

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

186 arlinton Click to go to listing

82 Auburn Ave in Corso Italia
sold for $698,000 in April 2014

183 Arlington edit
Click to go to listing
In 2013 one could buy a rebuilt semi detached on a 20 foot lot in Cedarvale for $718,018 and in 2014, a buyer paid just slightly less to live in a less popular area on a 16 foot lot in Corso Italia.
Lot size: 20.46 ft by 110 ft
Type: Semi Detached
Style: 2 1/2 Storey
Bedrooms: 2 plus 1 small one
Bathrooms: 3
Basement: Finished
Driveway: Mutual
Parking: 1 car
Condition: Exceptional
Lot size: 16 ft by 113 ft
Type: Semi detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 3
Basement: Apartment
Driveway: Lane
Parking: 1 car
Condition: Excellent
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2 Responses to Are you still waiting for the market to crash before buying?

  1. Roon says:

    We bought our house 4 years ago and we thought the prices were high and people kept saying to wait for a correction in the market. We would definitely be priced out of the market today (the least expensive house in our neighbourhood is almost $100,000 more than we paid for our home). I know this is anecdotal at best, but I’m glad we didn’t wait.

    Reply
    • Josie says:

      I’m very glad you didn’t listen to the naysayers Sara.

      Reply

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