Above: Toronto home sales in 2008.
Although the east of Toronto is considered to be the chicest place to live, the east end is actually the best place for buying, selling, and investing in homes. The Toronto Real Estate Board recently released data showing that homes east of the Don River sell more quickly than anywhere else in Toronto. On average, a home in this area sells within two weeks.
Whereas in most of the world, the asking price is intentionally set higher than the true price at which a homeowner would sell, in east Toronto homes commonly sell for more than the asking price. Because of competition, Toronto homes are selling at higher prices and at faster speeds. If you’re a home owner in Toronto, take some notes from the east side.
With a growing population, Toronto homeowners are finding it easier to sell their homes at higher prices. If you’re considering renting out your home or selling your home, ensure that all your HVAC equipment is up-to-date. The newest types of boilers, furnaces, and water heaters can help you raise the value of your property and help the new tenants or homeowners save money on energy.