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.
Cedarvale
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.
Sold for $689,000 in July 2008
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
Sold for $718,018 in March 2013
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
Regal Heights
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.
Sold for $774,000 in June 2008
Lot size: 35 ft 110 ft
Type: Detached
Style: 2 Storey
Bedrooms: 4
Bathrooms: 2
Basement: Finished
Driveway: Mutual
Parking: 1 car
Condition: Excellent
Sold for $810,000 in June 2013
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
Hillcrest
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.
Sold for $780,000 in Sept 2008
Lot size: 35 ft 125 ft
Type: Detached
Style: 2 Storey
Bedrooms: 3
Bathroom: 1
Basement: Finished
Driveway: Private
Parking: 3 cars
Condition: Good
Sold for $747,018 in May 2013
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
Hillcrest
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.
Sold for $950,000 in July 2008
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
Sold for $900,000 in March 2013
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
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.
Sold for $859,000 in Sept 2008
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
Sold for $801,000 in May 2013
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