Detached Homes in Toronto Soaring to Over $1.0 Million
Toronto, Canada (PRWEB), March 11, 2015 – Bremont Homes (www.BremontHomes.com), the Greater Toronto Area’s finest home building company, is weighing in on the surge in detached home prices within Toronto rising to an average of over $1.0 million.
The entire GTA is going through a real estate boom. According to the Toronto Real Estate Board, February saw the price of the average detached home in the 416 area code increase 8.9% year over year, bringing it to $1.04 million. This milestone is also about $300,000 above the average cost of detached homes in the 905 area code. (Source: Bonnell, G., “Real Estate Watch: Detached home price surges above $1M in Toronto,” BNN web site, March 4, 2015; http://www.bnn.ca/News/2015/3/4/Real-Estate-Watch-Detached-home-price-surges-above-1M-in-Toronto.aspx.)
“With the way the real estate market has been surging across Canada since the turn of the millennium, it was only a matter of time until its most urbanized city saw average home prices soar to these levels,” says Gary Breda, president of Bremont Homes. “Now, people who decide they want to be homeowners in Toronto have to wrap their minds around paying premium costs.”
Other findings from the Toronto Real Estate Board’s report included average detached homes in the 905 area rising to about $694,000, a year-over-year increase of 8.5%. Townhome sales increased by 10.7%, although costs decreased by seven percent, which is a plus for those families who want to live in the 416 but can’t afford the million-dollar price tag. In addition, condo sales also rose about 12%, with prices dropping a modest 0.9%.
“Options are available for homeowners outside of a detached home in Toronto,” Breda adds. “The townhome costs going down should be encouraging for couples who are looking to start a family, but getting outside of Toronto should be a consideration as well.”
“Homeowners should also be aware that Bremont Homes is undergoing several custom home building projects in Brampton and other locations outside of the city,” Breda concludes. “Brampton in particular is attractive because it is still a short drive to Toronto and homeowners get much more value for their dollar. Our Kings Manor Estates project is an example of that great value.”
To learn more about the Kings Manor Estates and other custom homes constructed by Bremont Homes, visit www.BremontHomes.com.