THE BLOG

Toronto Doesn't Have Just One Housing Market

03/25/2013 12:09 EDT | Updated 05/25/2013 05:12 EDT
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PARK RIDGE, IL - DECEMBER 29: A 'House For Sale' sign is visible in the window of an existing home December 29, 2005 in Park Ridge, Illinois. Sales of existing homes in November fell, reportedly, by 1.7 percent, spreading concern with economists on the state of the housing market. (Photo by Tim Boyle/Getty Images)

One of the great things about working as a realtor in Toronto is the chance to explore its many diverse neighbourhoods. The array of villages within the larger city, each with its own culture, is certainly one of our city's greatest assets. As a realtor though, of all the many elements that make up a neighbourhood, the one I focus on most is its cost of housing.

We constantly hear headlines proclaiming the 'Toronto Housing Market' is this or that, but in fact, each neighbourhood within the city has its own housing market, as unique as its culture. And like the vast differences of cultures, the differences in housing markets, or more particularly, the cost of housing is very broad. While $500,000 may buy you a grand four bedroom detached home in one corner of the city, that same $500,000 would barely get you a tiny one bedroom condo in another.

Understanding the many factors that shape housing prices in each of these markets, as well as knowing where prices are trending, is an important part of a successful home purchase.

This past month I was fortunate enough to represent clients in two diametrically opposed Toronto neighbourhoods. One in Yorkville, a chic playground for the rich and famous, and the other in Crescent Town, possibly Toronto's poorest neighbourhood. If you've ever wondered just how much location can affect cost, take a look at this comparison table. Can you tell which one is the Yorkville condo?

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