If you want to find a detached home for under $1 million dollars, you’d better get a time machine.
Last month, the average price for a detached home in the 416-area rose to $1,541,003, up 25.5% year-over-year, according to the latest data from the Toronto Regional Real Estate Board (TRREB). That represents a 36.9% uptick from the 905-area, where a new detached house averaged $1,060,318 in July.
Unfortunately, this shouldn’t come as much as a surprise given how prices have continually risen over the past few years. And now, it’s hard to scan the news these days without coming across an article about Toronto’s lofty real estate prices.
But what might come as a surprise is that houses weren’t always this expensive and nearly 60 years ago, you could buy a detached home in Toronto for a whopping 195.7% or $1,524,258 less.
Yes, you read that correctly.
In 1963, you could buy a new, fully detached home at Finch and Leslie by HALLmark for just $16,745, according to a flyer for an old listing that was recently shared by Old Toronto. The listing says you could also purchase the same home with a carport for $18,275 or with an attached garage for $19,945.
Plus, with each purchase, the listing says you would also receive a $500 government bonus.
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Currently, a detached home for sale in the area is listed for $1,529,000, which is up slightly from the current average, and vastly different from what was available in the neighbourhood 60 years ago.
According to Zolo, the approximate value of a 4-bedroom 1500-2000 ft2 house in the area is $1,513,710. Homes like this are now selling on average in seven days and there’s a 50% chance that this home will be sold within one week of listing.
What’s more, 4 out of 10 homes like this one have sold over asking, while only 11 in 100 homes like this sell below 93% of asking.