Average Detached Home Price in Toronto Reaches 1 Million Dollars

It is no secret that house prices have been steadily rising over the last few years - it is the way of the world after all - but when we talk about a rise, what are we really talking about? It may or may not surprise you to find out just how much: we are talking an average house price in Toronto that has now reached $1 million.

According to the CTV News article, “In cities such as Vancouver and Toronto, the average cost of a detached home will set you back more than seven figures. Meanwhile, the market in Alberta has seen sales and prices drop since the collapse of oil.”

Check out the full article here: http://www.ctvnews.ca/business/million-dollar-homes-a-new-trend-in-some-canadian-cities-1.2263333.

Just for fun (or maybe not so fun), what does the average mortgage payment on a $1 million home look like? Over a 30 year amortization period, on a fixed rate mortgage at 2%, the monthly payments on a $1 million home would be $3692/month. When one takes into account the fact that the average family income in Canada was $74 540 in 2012, according to Statistics Canada, as well as Canada’s consumer debt levels, this figure seems pretty surprising since it is the national average. Clearly there are some big players on the scene here.

The key take-away here, we think, is the fact that many markets in Canada remain incredibly hot. Sales don’t seem to be stalling, and that means big gains for those looking to sell. Cities like Toronto are becoming more and more expensive, and these rising costs = more and more competition for real estate sales professionals.

Knowing this, how can you grab your piece of the pricing real estate pie? By using the tools that allow you to do more, even on-the-go. Tools like ViMO, your virtual mobile office, makes you more competitive by giving you the ability to research properties, grab neighbourhood demographics, and even network and connect with others in the area.

Another important step is developing new marketing in the suburbs - a good idea for all real estate sales professionals looking to take a chunk of what is on offer. Diversifying your own portfolio, and reaching out to those markets that have more than just million dollar homes to offer buyers, represents an important selling opportunity.

For more on average house prices and how to stay competitive in an increasingly competitive industry, call ViMO today. We have the tools you need: 1 855 999 8466 (VIMO).