Up-And-Coming Toronto Neighbourhoods Identified
Posted September 15, 2006 12:00 pm.
This article is more than 5 years old.
If you’re thinking of buying a new house, they’re the five areas of the GTA that could net you the biggest bang for your buck.
According to new numbers from RE/MAX, the Toronto Real Estate Board district of Bathust Manor and Armour Heights had the highest increase in number of homes sold from 2005 to 2006. So far this year, 226 homes have been sold in the area, far beyond the 170 reported for 2005, a 33 per cent increase.
Bathurst Manor is located north of Highway 401 in the central core, and prices there start at $160,000 for a condominium and $350,000 for a freehold single-family dwelling.
“You’re getting a beautiful home, a beautiful sized lot for a very, very reasonable price. So am I surprised? I’m not surprised at all,” said Marcello Difabio, whose recently purchased a family home in the area.
Coming in second with a 22 per cent increase in sales is the district covering the Junction, Bloor West Village and High Park.
Row homes there generally start at about $400,000 in Bloor West Village and High Park, while a home in need of repairs can be had in the Junction area for about $275,000. Between January and August 600 homes were sold in that district, an increase of more than 100 from last year to this year.
Homebuyers also looked at the district encompassing the Harbourfront, South Annex, Little Italy and Kensington Market. Sales there rose 16 per cent from 2005 to 2006. It’s also the area with the largest selection of condominiums and townhomes. Buyers in this area tend to be from the 905 area code, according to RE/MAX In fourth, the Lansing and Newtonbrook district, with a 15 per cent increase in sales, and two areas of Scarborough including part of the Scarborough Junction, Oakridge, Cliffside and Clairlea.
Out of the city, there are several areas of the burbs experiencing rapid growth. The town of Markham-Stouffville has seen a sales increase of 33 per cent, while Richmond Hill’s sales have grown by 18 per cent. Rounding out the top five are two areas of Pickering and Ajax.
“For 200, sometimes even 200,000 dollars less, get a home with a large sized large lots and perhaps even with side entrances that young couples could have in-law suites and do some rentals,” real estate agent David Soberano said.
Top Five Areas of Growth – Urban:
Armour Heights, Bathurst Manor (C06)
2006 Unit Sales: 226
2005 Unit Sales: 170
Percentage Increase: 33%
Bloor West Village, High Park, Junction
2006 Unit Sales: 607
2005 Unit Sales: 498
Percentage Increase: 22%
Little Italy, South Annex, Harbourfront, Downtown West, Kensington
2006 Unit Sales: 2,262
2005 Unit Sales: 1,949
Percentage Increase: 16%
Lansing, Newtonbrook
2006 Unit Sales: 819
2005 Unit Sales: 713
Percentage Increase: 15%
Scarborough Junction (Part), Oakridge, Cliffside, Clairlea
2006 Unit Sales: 409
2005 Unit Sales: 360
Percentage Increase: 14%
Top Five Areas of Growth – Suburban:
Stouffville (N12)
2006 Unit Sales: 175
2005 Unit Sales: 131
Percentage Increase: 33%
Richmond Hill (N05)
2006 Unit Sales: 514
2005 Unit Sales: 437
Percentage Increase: 18%
Pickering – (E12)
2006 Unit Sales: 199
2005 Unit Sales: 173
Percentage Increase: 15%
Pickering, Ajax – (E13)
2006 Unit Sales: 898
2005 Unit Sales: 819
Percentage Increase: 9.6%
King City (N14)
2006 Unit Sales: 179
2005 Unit Sales: 171
Percentage Increase: 4.6%
Thinking of selling your home? Here are some ways to beautify it that might help net you a higher sale price:
Be aware that you might not get every penny that you put into improving the house back in the selling price. Still, there are ways to profit from home renovations – and they don’t have to be expensive ones.
Kitchen and Bathroom:
The two key areas to focus on are the kitchen and the bathroom. Prospective home buyers often pay particular attention to these parts of the house and if they’re in mint condition it could translate into bigger demand for your place.
Renovating those rooms generally yields a payback of 72 per cent in the case of the kitchen, and 68 per cent in the case of the bathroom, according to a study by the Appraisal Institute of Canada (AIC).
So how do you improve their looks? Consider installing new fixtures, cabinets, and tiles.
As far as kitchens go, stainless steel appliances have been trendy for a number of years now, but some experts believe they may be on their way out because of the perception that they’re high-maintenance to clean.
If your house only has one bathroom and you’re considering installing another, keep in mind that it could cost in the tens of thousands of dollars. When going that route keep tubs, toilets and sinks white, not coloured.
Paint:
The AIC also suggests that one of the cheapest solutions, though time consuming, is to slap a fresh coat of paint on the walls. Doing that yields a 73 per cent payback on average. So, if you spend $1,500 on the paint and materials, you can expect it to increase your home’s selling price by $2,625 (a profit of $1,125).
But keep in mind that hot pink-coloured walls probably won’t do much for your home’s value. Make sure that your decor is modern and classy. Consider shades of white and muted versions of popular colours.
Simple Decor:
Keep things simple – avoid personal touches and custom work if you think you might re-sell the home. Your taste might not be that of the prospective buyer.
Also, custom touches can be more expensive and it’s unlikely the money you put in will be recouped.
Lighting:
Another small change that can make a big difference is lighting. Rooms can take on a whole new feel with the right lighting – and the change is a relatively inexpensive one. Consider adding new light fixtures in hallways, kitchens, bathrooms and living rooms. You could receive as much as an 84 per cent return in the selling price.
Flooring:
Hardwood floors are the only way to go when springing for new flooring. Laminate may look nearly as nice, but wood is worth the extra dough. New hardwood floors can increase a home’s value by up to 10 per cent. Choose light coloured oak or maple as opposed to darker colours.
Deck:
Adding a deck in the back yard can be a good investment, adding about 90 per cent of its cost to your home’s resale value. Before embarking on such a project though – or any major home renovation for that matter – it’s a good idea to speak to a professional realtor or appraiser – who can advise you on whether the improvement is worth your while.
The AIC’s study highlighted the top ten renovations and the average rate of return:
Interior painting and decor – 73%
Kitchen renovation – 72%
Bathroom renovation – 68%
Exterior paint – 65%
Flooring upgrades – 62%
Window/door replacement – 57%
Main floor family room addition – 51%
Fireplace addition – 50%
Basement renovation – 49%
Furnace/heating system replacement – 48%
According to Canada’s professional real property valuers, the top trends in home renovation in 2004 are:
Home theatre room
Hardwood flooring in kitchen
Main floor laundry room
Use of non-neutral interior paint colours
Installing a jacuzzi or whirlpool bath
Built-in kitchen appliances
Ground floor office
Addition of island in kitchen
Courtesy Royal LePage
