Buoyed by ebbing economic concerns and favourable interest rates, demand for houses in the Toronto area was strong in the first three months of 2012.
Fully one third of homes sold on the Multiple Listing Service drew multiple offers as competition for well-located properties turned combative. But the intense demand was not limited to the city’s tony neighbourhoods, says Realosoply Realty Inc. president John Pasalis.
“With prices up 10 per cent over last year,” he says, “first-time buyers in search of value have driven up demand for homes in more affordable and lesser-know neighbourhoods.”
So just where are people buying? Check out the accompanying tables for west, east and central Toronto.
Chart 1. West Toronto: the state of the market. Bloor West Village and Earlscourt are burning up, but Old Mill has seen better days
Chart 2. East Toronto: the state of market. Danforth dwellers have reason to smile - but it's not so cheery for Old East York.
Chart 3. Central Toronto: the state of market. Corktown and the Financial District see big drops, but things are looking up for Don Mills and Regal Heights
