North York and East York Properties analysis

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School

Humber College *

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PRES 1040A

Subject

Economics

Date

Nov 24, 2024

Type

pdf

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Uploaded by tastyyum9

North York and East York Properties analysis Introduction The Toronto real estate market remains one of the most vibrant and challenging in Canada, with North York and East York playing significant roles due to their unique characteristics, amenities, and community offerings. This report dives into the numerical analysis of these areas to understand their current market standings. Market Overview As of the last quarter of 2022, the Toronto real estate market began showing signs of stabilization after a period of volatility. Interest rates and economic policies continue to inﬂuence buying patterns, with average property prices in Toronto experiencing a 5% year-over-year adjustment. North York Property Analysis Average Property Prices (2022): ● Detached homes: $1.5M ● Semi-detached homes: $1.1M ● Townhouses: $800K ● Condos: $600K Sales Trends: ● Total properties sold (2022): 4,500 ● Increase in sales volume from 2021: 10% ● Highest demand in Q2 2022, with a slight decrease towards the end of the year. Property Types and Demand: ● Condos and townhouses saw the highest increase in demand, likely due to affordability and availability.

● The luxury segment (properties over $2M) remained stable with a niche but consistent buyer interest. Demographic Information: ● Population growth of 1.5% year-over-year. ● Median household income: $85,000. East York Property Analysis Average Property Prices (2022): ● Detached homes: $1.2M ● Semi-detached homes: $950K ● Townhouses: $700K ● Condos: $550K Sales Trends: ● Total properties sold (2022): 3,200 ● Increase in sales volume from 2021: 8% ● Consistent sales throughout the year, with a slight peak in Q3. Property Types and Demand: ● Semi-detached homes and condos were particularly popular, reﬂecting the area's appeal to first-time buyers and downsizers. ● The market for detached homes remained competitive but less so than in North York. Demographic Insights: ● Population growth of 1.2% year-over-year. ● Median household income: $78,000. Comparative Analysis When comparing North York and East York, several key differences emerge:

● Property Prices: North York generally has higher property prices across all categories, reﬂecting its larger homes and proximity to premium amenities and business districts. ● Sales Trends: North York experienced a slightly higher sales volume increase, possibly due to its diverse property offerings and larger geographic area. ● Demographic Information: Both areas are growing, but North York has a slightly higher median income, which may inﬂuence the types of properties in demand. Future Outlook The market in both areas is expected to stabilize further, with a projected growth in sales volume of 3-5% over the next year. The condo and townhouse markets are likely to remain robust due to ongoing affordability challenges with detached and semi-detached homes. Conclusion North York and East York offer diverse opportunities within the Toronto real estate market, each appealing to different segments of buyers. While North York attracts those looking for a mix of luxury and family-friendly options, East York appeals to first-time buyers and those seeking value. Both areas are poised for steady growth, reﬂecting the overall resilience of the Toronto market.

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