I don’t think so.
Unlike the U.S., Canadian homes in suburbs are just as costly.
I happened to pass by a farmland near Milton (note it’s not even Milton), developers were putting up tiny little houses opposite of a landfill, and they were asking for $450,000 a pop. That was two years ago.
Does it make sense if you must spend 6-8 hours travelling everyday, and still pay half a nillion bucks for a tiny home ?
That’s the reality in Canada.
Toronto prices, demand forcing buyers into suburbs
While there’s no shortage of land in the outskirts of the city, the tradeoff is a car-dependent lifestyle and endless time spent idling traffic jams.
That’s not only irritating for people in their cars, but also unproductive for the economy and bad for the environment, the report says.
“The growing number of homebuyers who live far from where they work, in car-dependent neighbourhoods, results in longer commutes and contributes to traffic congestion and poor air quality. This hampers the region’s economic success and reduces its quality of life,” the report states.
It comes on the heels of another study from Sustainable Prosperity highlighting what it calls the hidden costs of suburban sprawl. That includes costs for a second car – which it pegs at about $10,000 – not to mention the emissions that choke our air.
While about 81 per cent of Canadians live in urban areas, half are in the suburbs, which are growing 160 per cent faster than city centres, the Sustainable Prosperity survey says.
Buyers flock to the burbs for affordability
The RBC report looks at factors that are driving higher home prices including demographics, mortgage rates and housing availability.
It says the average real income in the Greater Toronto Area (GTA) grew 18 per cent over the past three decades (in 2012 dollars), while home prices increased 80 per cent.
The biggest price-to-income ratio increase happened over the past five years, due to population growth and favourable mortgage financing rates.
Mortgage rates have dropped from a peak of 18.5 per cent in 1981 to posted rates of around 4.25 per cent in 2012 (of course rates were much lower for shorter terms). That has given more people the power to purchase a home, driving up demand and prices, the report notes.
The average cost of a home in the GTA increased 11 per cent to $538,708 for the first half of November compared to the same time last year, according to the Toronto Real Estate Board (TREB).
It said the average price of a detached home in the 416-area code, which is the City of Toronto, was $845,883 compared to $595,545 for a similar home in the 905-area code outside the city. A condo in Toronto averaged $395,865 versus $275,664 in the surrounding region.
Those higher detached homes prices are what force more people to move into small dwellings.
“Demand for single-family homes in established GTA neighbourhoods has outstripped supply, which is driving up prices in these areas,” said Cherise Burda, Ontario policy director at the Pembina Institute and an advocate for better urban development and public transit that helps to reduce greenhouse gas emissions.
“Many homebuyers are faced with a choice between a condo in a walkable and transit-accessible neighbourhood, or a single-family home located in car-dependent location.”
It’s more complicated that …
Read More @ http://ca.finance.yahoo.com/
Listings for Tue Dec 3
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Delightful Semi-Detached Duplex With A Legal Basement Apartment With Three Car Parking. Total Income $ 49,617.12 For 2013. First Floor …
C2787694 – M5N – 443 ST CLEMENTS AVE Toronto, Ontario – $ 1,495,000
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C2789083 – M6C – 10 PARK HILL RD Toronto, Ontario – $ 950,000
Price Change. Dec 3: $ 950,000 Nov 22: $ 989,000
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C2794313 – M2R – 309 PATRICIA AVE W Toronto, Ontario – $ 888,000
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C2794373 – M3H – 4 ACTON AVE Toronto, Ontario – $ 849,000
Attention Builders & Renovators.Very Large Bungalow Nestled In To One Of The Best Spots In Bathurst Manor.Well Maintained But In Need Of Updating.Huge …
C2794471 – M5P – 2 AVA RD Toronto, Ontario – $ 2,299,000
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C2794576 – M5R – 72 ARDWOLD GATE Toronto, Ontario – $ 3,500,000
An Incredible Opportunity On Toronto s Finest Cul-De-Sac Surrounded By Multi-Million Dollar Homes. This Impressive Georgian On A Phenomenal Lot – Widens …
C2794592 – M6C – 47 FAIRLEIGH CRES Toronto, Ontario – $ 849,900
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C2794604 – M2J – 1 LISBURN CRES Toronto, Ontario – $ 718,000
Opportunity Knocks In Desirable Don Mills/Van Horne Family Neighborhood! This Lovely 2+1 Bdrm Has Been Recently Have New Laminated Flr Throughout. Great …
C2794643 – M5R – 32 CHICORA AVE Toronto, Ontario – $ 1,049,000
Wonderful “”Annex”” Solid 3 Storey Semi-Detached Home! Lovingly Lived In Many Years By The Same Owner. Great Bones And Loads Of Space. 3 Fireplaces, 9 …
C2794808 – M4T – 261 LAWRENCE AVE E Toronto, Ontario – $ 989,000
First Time On The Market In 45 Years! 3 Bdrm Side Split With Built-In Garage Situated On 50 X 130 South Lot! Located Less Than 15 Minutes Walk To …
C2794810 – M5M – 83 BURNCREST DR Toronto, Ontario – $ 888,888
Watch Video Tour!!! Ready To Build. Plans In Place For A New Custom Built Home. Please See The Pictures And Drawings. Permits Could Be Included. …
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Luxury Royal Arm Townhouse By Tridel At Prime Location In North York, 2304 Sqft End Unit 4 Bedrooms With Family Room. Bright Spacious & …
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Price Change. Dec 3: $ 399,000 Nov 15: $ 409,900 Oct 7: $ 419,900 Sep 30: $ 439,000 Sep 24: $ 459,000
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Price Change. Dec 3: $ 449,900 Nov 24: $ 479,900 Nov 13: $ 499,000 Oct 27: $ 529,000
Spacious Bungalow! Renovated Stucco Front. Finished Deck In Yard. New Renovated Kitchens (Main+Bsmt) And Washroom, New Furnace (2012). …
E2788786 – M1T – 129 PALMDALE DR Toronto, Ontario – $ 349,000
Price Change. Dec 3: $ 349,000 Nov 22: $ 369,000
All Vinyl Window, New Ceramic Floor In Basement, $ $ Spent On Reno, Walk To All Amenities Plaza, …
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Price Change. Dec 3: $ 389,900 Nov 23: $ 399,900
Newly Painted, Move In Condition. Look No Further. Lovely 3 Bedroom Semi Backing Onto Forest & Directly Opp Chief Dan George Public School, Park, …
E2789791 – M1X – 65 SNOWY OWL WAY Toronto, Ontario – $ 659,900
Price Change. Nov 23: $ 629,900 Dec 3: $ 659,900
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E2794246 – M1S – 2606 MIDLAND AVE Toronto, Ontario – $ 356,000
Spacious Town Home, End Unit With Upgraded Kitchen, Granite Counter Tops. Wonderful Perennial Garden Oasis. Tastefully Decorated. Elfs, Gb &E, Fridge, …
E2794255 – M1P – 22 CANLISH RD Toronto, Ontario – $ 659,900
…
E2794282 – M1J – 11 SHIER DR Toronto, Ontario – $ 429,900
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Bright & Spacious, True 4 Bedroom Home In Prime Wexford. Perfect For Growing Or Extended Family. Large Principal Rooms. Newer Eat-In Kitchen With Elegant …
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Location, Location. This Fabulous Semi-Detached Home In The Heart Of Danforth Village Waiting For Your Final Touch. Major Work Has Been Done 2 Years Ago …
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Welcome Home! Beautiful Guildwood Home Freshly Painted With New Laminate Flrs In Dining & Living Rm. End Unit* 3 …
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Renovated,Gorgeous Family Home.**4+1 Bedroom**, With 2 Full Washroom On The 2nd Floor, With Sep Ent To The Finished Bsmt With Kitchen, New Ent Door(2013), …
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Client Remks:Located In The Prime Toronto Bluffs On A Coveted Exclusive Street! Amazing Contemporary Design! Open Concept Through Out Main Level With …
E2794889 – M1R – 966 DUNDAS ST E Toronto, Ontario – $ 529,000
Fully Renovated Detached Bungalow. Good For First Time Buyer, Excellent Location And Very Lovely House In …
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Very Special Custom 4 Bedr House, Crown Mouldings Throughout, 10 Ft. Ceilings, 2Beds W/Ensuite Baths And W/I Closets, Fireplaces, Custom Designed Kitchen …
W2737508 – M9V – 39 PUMFREY CRES Toronto, Ontario – $ 445,000
Price Change. Dec 3: $ 445,000 Sep 24: $ 459,000
*Spacious 3-Bdrm Home Suitable For Large Family, Completely Finished Basement W/ 2 Bdrm, Large Family Room W/ …
W2743906 – M6M – 40 YORE RD Toronto, Ontario – $ 534,900
Price Change. Dec 3: $ 534,900 Sep 24: $ 549,900
Must See, Spacious, 2 Storey Semi With Large Living Room/ Dining Room / Kitchen Combination On Main Floor, Walkout To Porch From Kitchen, Hardwood …
W2763863 – M3B – 354 BLACKTHORN AVE Toronto, Ontario – $ 749,000
Price Change. Dec 3: $ 749,000 Oct 17: $ 769,900
Fantastic Neighbourhood To Raise Your Family!This Spacious Detached 2-Storey Home Has Loads Of Oak,Wainscotting,Floors Crown Moulding.Sep Ent To Fin Bsmt …
W2770595 – M9C – 335 MARKLAND DR Toronto, Ontario – $ 1,285,000
Price Change. Dec 3: $ 1,285,000 Oct 25: $ 1,325,000
Simply Spectacular Golf Course Setting!! Beautifully Appointed & Updated! Exquisitely Reno d Open-Concept Kitchen/Dining Rm W/ Wall Of Wdws & W/O To …
W2772256 – M6N – 43 PRESCOTT AVE Toronto, Ontario – $ 534,900
Price Change. Dec 3: $ 534,900 Nov 8: $ 554,900 Oct 29: $ 569,900
Inspiring Urban Design In St. Clair West. Completely Renovated (With Permits) To Create An Exciting And Inspiring …
W2791060 – M9N – 36 CROSS ST Toronto, Ontario – $ 469,000
Price Change. Dec 3: $ 469,000 Nov 26: $ 475,000
Amazing New Home With Old World Charm & Location Intact. Those Buyers Wishing For Something Brand New In The City Without The Dreaded Commute, Here It Is! …
W2792396 – M9C – 74 OLD BURNHAMTHORP RD Toronto, Ontario – $ 729,900
Price Change. Nov 28: $ 699,900 Dec 3: $ 729,900
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W2794311 – M9M – 45 PARROTTA DR Toronto, Ontario – $ 484,900
Well Kept Home In The High Demand Area Of Weston & Sheppard. Close To All The Amenities, Schools, Highways(401 & 400), …
W2794387 – M6R – 162 FERN AVE W Toronto, Ontario – $ 649,900
Imagine Warm Bread,Fresh Coffee And Dinners From The Farmer s Market. This Neighbourhood Has It All, Incredible Restaurants,Shopping And …
W2794422 – M6P – 2465 DUNDAS ST W Toronto, Ontario – $ 1,499,000
2465 & 2467 Dundas St W… A+ Investment Opportunity @ Bloor & Dundas,2 Storey Detached Brick/Block Bldg W/34 Frontage,Full Width Open Concept Main Floor …
W2794435 – M9N – 13 PURDY CRES Toronto, Ontario – $ 599,900
Detached Starter In Newer Subdivision Among Established And Sought After Weston Area. Close To All Amenities: Hi-Way, …
W2794438 – M9L – 22 OLITI CRT Toronto, Ontario – $ 489,900
Fantastic Semi-Detached Located On Desirable Court * Approximately 1700 S/F * Finished From Top To Bottom * $ $ $ Spent In Upgrades $ $ $ * Bright & …
W2794472 – M9B – 65 ROBINGLADE DR Toronto, Ontario – $ 589,000
Family Home In A Super Location! Featuring Hardwood/Ceramic Floors Thru-Out! New Roof, Cac, C/Vac, Furnace, New Garage Door + Automatic Door Opener + Many …
W2794488 – M6M – 127 HARDING AVE Toronto, Ontario – $ 548,800
Welcome To Your New Home! This Detached 4 Bedroom Home Sits On A 40X115 Corner Lot. It Features A Newly Built 2 Car Garage, 4 Car Private Drive Way, New …
W2794537 – – $ 449,000
Charming And Cozy House! Beautiful Kitchen, Hardwood Floors Thru-Out, Modern Floating Stairs To Loft Which …
W2794579 – M9W – 24 GUINESS AVE Toronto, Ontario – $ 449,000
One Of The Largest Size Bungalow In The Area Appx. 2500 Sq. Ft. Of Total Living Area, 4 Spacious Bedrooms On Main Floor, …
W2794603 – M9B – 22 RICHDALE CRT Toronto, Ontario – $ 1,049,900
Completely Renovated 4 Bedroom Home Tucked Away On A Quiet Court In The Desirable Princess Rosethorn Neighbourhood. Large Kitchen With Separate …
W2794607 – – $ 634,900
Beautiful 8+4 Rooms,4+2 Bedrooms,4 Cars Driveway,Pie Shaped Premium Lot(Rear 78 Feet),2 Bedrooms Basement Apartment With Separate Entrance Done …
W2794681 – M9C – 627 RATHBURN RD Toronto, Ontario – $ 419,900
Centennial Park Beauty! Recently Renovated, Open Concept Floor Plan. Too Many Upgrades To List, Cathedral Ceiling Living Room, Walk Out From …
W2794775 – M6S – 105 THE QUEENSWAY AVE Toronto, Ontario – $ 249,900
Location! Location! Location! Gorgeous 1 Bdrm Unit In Brand New Building. Excellent Layout. Hardwood Floor Throughout The Unit. Updated Kitchen And …
W2794819 – M9M – 3041 FINCH AVE W Toronto, Ontario – $ 226,900
Why Pay Rent When You Can Own This Lovely Home. Wow Living/Dining Rm, Kitchen Combo, Open Concept, Along W/ Two Very Nice Size Bdrms. Master Bdrm Has A …
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