So why is North York so Expensive? And Scarborough so cheap?

[James]

The biggest difference is definitely lot size. The Vaughan houses that I've seen in the, say, $2.5M range would sit on 1 acre lots whereas the similar-sized houses in North York at the $2.5M range would typically be on 60x120 standard sized lots.

 

[King of Kensington]

On a per square foot basis you definitely pay less in York Region than in North York. Housing prices are higher than Peel Region but I'm not sure if that's just because there are more big houses/big lots in York Region compared to Peel.

Still the average house price in Thornhill or Richmond Hill seems to be around $700 or $800K and they don't seem to be that much of a "better deal" than a lot of Etobicoke and Scarborough.

 

[Eug]

Still the average house price in Thornhill or Richmond Hill seems to be around $700 or $800K and they don't seem to be that much of a "better deal" than a lot of Etobicoke and Scarborough.

Not sure what you're getting at with that.

Richmond Hill isn't exactly a cheap neighbourhood, or at least I should say it's more expensive than its (lack of) proximity to central Toronto might suggest.

I suspect part of the reason for that is that it's a popular destination for well-off immigrants, esp. nouveau riche Chinese*. Furthermore, much of the housing stock are McMansions.

*In fact, I sometimes drive up there because they have better Chinese food than south Scarborough, where I live.

 

[denfromoakvillemilton]

I'm curious what these Vaughan houses are appraised at, for insurance purposes, and how much the land is worth.

Cuz say for a house with much better than average finishes, and a large house at say 5000 square feet (not counting basement), the insurance may appraise it at say $225 per square foot, or about $1.125 million. The rest of the amount would be land cost. I didn't think land prices were high enough to justify $2.5 million homes, in this context. Are these homes larger (6000 square feet), or on much, much bigger plots of land (15000 square feet plus), or do they have much higher end finishes (eg. $250 square/foot) or some combination of that?

I'm just asking in general because I don't know the Vaughan market.

IMO, I think I like James said it's all about the house. The land is worth much less in YR so to me I guess the high prices are happnening because that's is whay they are appraised at, leading to me saying it's overhyped.

http://www.solidifi.com/ca_en/local-housing-trend-vaughan-on/#.U1pM9FcYqp0 The answer to your question is 677,000. I guess my last post was overzealous.

 

[King of Kensington]

Price of detached homes, March 2014 in thousands (average, median)

Central North York:

C12 (York Mills): $2,464; $2,474
C14 (Willowdale between Yonge and Bayview): $1,310; $1,185
C13 (Don Mills): $1,115, $1,127
C07 (Lansing, west Willowdale): $1,082; $955
C15 (Bayview Village, Hillcrest Village): $1,027; $878
C06 (Bathurst Manor): $947, $870

Scarborough:

E05 (L'Amarouex): $745, $785
E08 (Guildwood): $653, $498
E07 (Agincourt): $644, $646
E06 (Birchcliff, Cliffside): $596, $539
E11 (Malvern): $548, $550
E04 (Wexford, Clairlea): $539, $525
E10 (West Hill): $539, $522
E09 (Bendale, Woburn): $497; $495

Southern York Region:

Richmond Hill: $927, $852
Vaughan: $887, $824
Markham: $899, $800







http://www.torontorealestateboard.com/market_news/market_watch/2014/mw1403.pdf

 

[denfromoakvillemilton]

Price of detached homes, March 2014 in thousands (average, median)

Central North York:

C12 (York Mills): $2,464; $2,474
C14 (Willowdale between Yonge and Bayview): $1,310; $1,185
C13 (Don Mills): $1,115, $1,127
C07 (Lansing, west Willowdale): $1,082; $955
C15 (Bayview Village, Hillcrest Village): $1,027; $878
C06 (Bathurst Manor): $947, $870

Scarborough:

E05 (L'Amarouex): $745, $785
E08 (Guildwood): $653, $498
E07 (Agincourt): $644, $646
E06 (Birchcliff, Cliffside): $596, $539
E11 (Malvern): $548, $550
E04 (Wexford, Clairlea): $539, $525
E10 (West Hill): $539, $522
E09 (Bendale, Woburn): $497; $495

Southern York Region:

Richmond Hill: $927, $852
Vaughan: $887, $824
Markham: $899, $800







http://www.torontorealestateboard.com/market_news/market_watch/2014/mw1403.pdf

TY Kensington. Look at Vaughan!

 

[James]

Speaking of real estate in Scarborough, Toronto Star had an article last week about properties in the Birch Cliff - Cliffside area seeing strong demand.

Detached house prices up 25% along Scarborough waterfront

Relative affordability and close proximity to Toronto’s downtown core credited for upswing in demand.

Full article: http://www.thestar.com/business/201...rices-up-25-along-scarborough-waterfront.html

 

[JasonL]

Scarborough is a lower income area with less well off people.

It makes sense that housing prices are lower in Scarborough.

 

[junctionist]

Scarborough's waterfront is the most beautiful natural area in the GTA. I'm not surprised people want to live there.

 

[James]

Scarborough is a lower income area with less well off people.

It makes sense that housing prices are lower in Scarborough.

I definitely believe housing prices are still undervalued in the nicer parts of Scarborough, like Birch Cliff - Cliffside as per the article. It's these pockets where I think most people will find the best "bang for the buck" and the greatest potential for appreciation, as it appears to be happening already. There are actually a number of areas in Scarborough where you'll find quiet, mature, tree-lined neighborhoods that aren't low-income by any means but I do think the "Scarborough" stigma creates undue headwinds in attracting more young families to those areas.

 

[James]

Scarborough's waterfront is the most beautiful natural area in the GTA. I'm not surprised people want to live there.

Agreed. It seems inevitable that there will be migration from people priced out of the Beach who will eventually look to Birch Cliff - Cliffside for that waterfront. I remember a time when most wouldn't ever consider living in Riverdale or Leslieville.

 

[NorthYorkEd]

Agreed. It seems inevitable that there will be migration from people priced out of the Beach who will eventually look to Birch Cliff - Cliffside for that waterfront. I remember a time when most wouldn't ever consider living in Riverdale or Leslieville.

But didn't those areas always have decent access to transit (in addition to downtown proximity)? I'm not so sure that's true about Birch Cliff-Cliffside. Not saying you are wrong, just that there are often factors beyond picking up the sloppy seconds and thirds from people priced out of more desirable areas that give a market legs.

 

[greglaw26]

Yes I accept Scarborough is a scary place.
ESPECIALLY DON'T BUY HOUSE AT NEILSON AND ELLESMERE IN SCARBOROUGH.. STABBING, SHOOTING, SNACHING, STEALING, ALL AROUND THE PLACE IN SCARBOROUGH..

 

[cho]

As a person with a small family looking for a first time home, I'm struggling to figure out where I can possibly live that isn't going to leave me with a > 45 minute commute downtown for under $700k. To me it seems like Scarborough is one of the only options.

 

[James]

It's definitely an option to consider. I'd recommend starting the search by staying on the western-most side of Scarborough, i.e. anywhere just east of Victoria Park Avenue. Use MLS / Realtor.ca and start downtown, then slowly move north, all the way up towards the 401.