We know home prices have skyrocketed in the last few 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 in 2011 and contrasted them to houses we sold in 2015 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 2011 one could buy a huge 4 bedroom home on a premium 54 foot frontage lot on a quiet Cedarvale street for $1.169.000 while 4 years later a smaller lot on a similar street was bought for $581,000 more.
2011
9 Rostrevor Rd in Cedarvale
Sold for $1,169,000 in May 2011
Lot size: 54 x 115 feet
Type: Detached
Style: 2 Storey
Bedrooms: 4
Bathrooms: 4
Basement: Finished
Driveway: Private
Parking: 3 cars
Condition: Good
2015
177 Glen Cedar Rd in Cedarvale
Sold for $1,750,000 in August 2015
Lot size: 45.50 x 105.00 feet
Type: Detached
Style: 2 Storey
Bedrooms: 4
Bathrooms: 4
Basement: Finished
Driveway: Private
Parking: 3 cars
Condition: Very Good
Hillcrest Village
248 Arlington was a real find at $731,456 with a professionally finished basement and a renovated kitchen, while 99 Maplewood a beautifully maintained home in prime Hillcrest is now land valued at $935,000.
Sold for $731,456 in March 2011
Lot size: 25 x 103 Feet
Type: Detached
Style: 2 storey
Bedrooms: 4
Bathrooms: 2
Basement: Finished
Driveway: Front Pad
Parking: 2 car
Condition: Very Good
Sold for $935,500 in March 2015
Lot size: 25.00 x 121.50 feet
Type: Detached
Style: 2 Storey
Bedrooms: 3
Bathroom: 1
Basement: Part Finished
Driveway: Front Pad
Parking: 1 car
Condition: Good
This home at 274 Arlington was in fair condition with a tiny upstairs bath and a low basement for $561,000 in 2011 and today, a similar size in slightly better condition on a laneway sold for just over $200,000.
Sold for $561,000 in March 2011
Lot size: 17 x 102 Feet
Type: Semi Detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 2
Basement: Finished
Driveway: Lane
Parking: 2 car
Condition: Good
Sold for $780,000 in March 2015
Lot size: 16.42 x 102.00 feet
Type: Semi-detached
Semi Style: 2 Storey
Bedrooms: 3
Bathrooms: 2
Basement: Finished
Driveway: Lane
Parking: 1 car
Condition: Very good
40 Marchmount was an architects own home with interesting floating stairs and a loft feel sold for $633,000 in 2011. Move ahead 4 years and a similar size traditional home with a better basement sold for 25% more.
Sold for $633,000 in March 2011
Lot size: 16 x 77.75 feet
Type: Semi Detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 2
Basement: Finished
Driveway: None
Parking: 0
Condition: Very Good
Sold for $789,000 in March 2015
Lot size: 17.00 x 106.17 feet
Type: Semi-detached
Style: 2 Storey
Bedrooms: 3
Bathrooms: 2
Basement: Finished Sep. Entrance
Driveway: None
Parking: 0
Condition: Very good
A huge 5 bedroom home on Bracondale with a finished basement was bought for $1,065,000, while today a similar house around the corner on Frank Cres was bought for $1,610,000 and it is being gutted.
Sold for $1,065,000 in January 2011
Lot size: 40 x 120 feet
Type: Detached
Style: 3 Storey
Bedrooms: 5
Bathrooms: 3
Basement: Finished
Driveway: Mutual
Parking: 3 car
Condition: Good
Sold for $1,610,000 in November 2014
Lot size: 45.00 x 108.00 feet
Type: Detached
Style: 3 Storey
Bedrooms: 5
Bathrooms: 5
Basement: Finished
Driveway: Private
Parking: 4 car
Condition: Good
Allenby/Davisville Village
Beautiful and prime Allenby newer home on a 31 foot lot sold for $1,475,000 while today a smaller lot and slightly dated home in prime Davisville village sold for $375,000 more.
Sold for $1,475,000 in March 2011
Lot size: 31.52 feet x 126.14 feet
Type: Detached
Style: 2 Storey
Bedrooms: 4
Bathrooms: 4
Basement: Finished
Driveway: Private
Parking: 3 car
Condition: Excellent
Sold for $1,850,000 in June 2015
Lot size: 25 feet by 148 feet
Type: Detached
Style: 2 Storey
Bedrooms: 4
Bathrooms: 4
Basement: Finished
Driveway: Private
Parking: 2 car
Condition: Excellent