There has been a dramatic rise in bungalow prices in Leaside. This year two bungalows have sold (essentially building lots) for an average of $1,033,000, or 34 percent above the asking price.
Million dollar bungalows are new here. This suggests builders are confident with the prospect of selling newly constructed homes over $2 million.
Meanwhile February home values on MLS also continued to trend upward in 2014. Here is a 12-month look at the current averages, up to Feb. 28.
In February this year, 16 homes changed hands in Leaside and Bennington Heights, which was 27 percent less than the 22 homes that sold last year in February. There wasn’t a significant change to the average dollar values of those transactions from year to year, which was $1,318,021. This February, only three of the 16 homes that sold were semi-detached.
The value of 2014’s year-to-date 13 detached homes were essentially flat, down -0.1 percent, or $1,427,256, compared to the 18 detached homes that sold in February 2013.
The highest valued sale on TREB MLS so far in 2014 was $2.58 million for a home in Leaside followed by a $2.55 million in Bennington Heights. The lowest valued sale was $763,000 for a semi-detached home in North Leaside.
As of March 5 this year there were 22 homes available in Leaside. They range from a two-bedroom bungalow on Sutherland listed for $749,000 to a gorgeous home on Leacrest listed for $2,895,000.
Last 12 months, March 2013 to the end of February 2014, compared to the previous 12 months, March 2012 to the end of February 2013.
Sales volumes changes
All Home Sales – up 4.2%, to 200 sales
Detached Home Sales – down 2.6%, to 150 sales
Semi-Detached Home Sales – up 35.3%, to 46 sales
Dollar value changes
All Home Values – up 5.8%, to $1,274,468
Detached Home Values – up 9.2%, to $1,445,580
Semi-Detached Home Values – up 5.4%, to $755,478
Leaside home sales by street, year-to-dateJethro Seymour is a broker at Johnston & Daniel. All figures are from the Toronto Real Estate Board’s Multiple Listing Service.